The meme coin market has witnessed an impressive growth of 3.1% in the past 24 hours, but there is one standout coin among the crowd—Bonk. As the fifth largest meme coin by market cap, Bonk has delivered an incredible 7-day growth of +97.8%, far outpacing other leading coins.

For comparison, Dogecoin is up +26.5%, Shiba Inu is down -2.5%, Pepe is up +66.9%, and dogwifhat is up +15.7%. On Coinbase, with a trading volume of $301,612,088 in the last 24 hours, the Bonk/USD pair is currently leading as the most traded meme coin pair.

With a significant surge in trading volume and increasing buzz in the community, it’s time to take a closer look at what is driving its rise. Join us as we explore whether Bonk has what it takes to climb even higher.

The explosive growth of Bonk: What is behind this increase?

On November 5th, Bonk was priced at $0.00001779. By November 17th, it skyrocketed to $0.00005124, an astonishing increase of 188.03%. Over the past 30 days, Bonk has seen a 114.5% increase. The BONK/USD pair on Coinbase has outperformed other leading meme coin pairs like DOGE/USD ($229,977,462), SHIB/USD ($80,930,018), and PEPE/USD ($73,229,990). Analysts believe this rapid growth is due to speculative trading and strong community excitement.

Technical analysis of Bonk: View chart

On Bonk's weekly chart, a triple bottom pattern has emerged. This pattern is often considered a bullish reversal, signaling a change in price direction. Bonk's breakout from this pattern suggests the coin is entering a phase of potential growth.

Is Bonk an undervalued meme coin?

The current market capitalization of Bonk is $3,551,489,984. This is the fifth largest meme coin by market cap, after Dogecoin ($54,700,866,125), Shiba Inu ($14,918,954,787), Pepe ($8,864,343,895), and dogwifhat ($3,607,190,677). Many meme coin enthusiasts believe that BONK is undervalued compared to DOGE, SHIB, PEPE, and WIF.

Investors are drawn to undervalued assets with strong growth potential. Bonk's low market cap and high trading volume make it an attractive option for both retail and institutional investors. Analysts suggest that Bonk's recent price surge could attract more investors to the market, pushing its price even higher.

Token Burns - A good strategy for value?

Recently, BonkDAO burned 100 billion tokens, and reports indicate that another 1 trillion tokens could be burned next month. Token burning reduces the total supply, which may lead to an increase in the coin's value. Additionally, daily burns are ongoing in the Solana ecosystem, through activities such as staking, greeting cards, and trading, further reducing Bonk's circulating supply.

With impressive growth, a token burn plan, and a vibrant community, Bonk shows strong potential to become a leading meme coin. Whether it will become the next major player in this space remains to be seen, but it is certainly a coin worth watching.