Bonk (BONK) has recently officially surpassed Dogwifhat (WIF) to become the highest market cap Solana meme token. This milestone was achieved after BONK's decentralized autonomous organization (DAO) announced plans to destroy 1 trillion tokens on Christmas Day.
This strategic move facilitated this shift, but the surge in BONK's price has also played a crucial role in its increase. However, there remains a question: can this meme coin maintain its new status?
BONK currently surpasses WIF, becoming the most valuable Solana meme coin
Five days ago, BeInCrypto reported that BONK is the only Solana meme coin among the top 100 to achieve positive returns. While it is not the only one in the past 24 hours, its increase is the highest—up 28%.
This price increase has allowed Bonk's market capitalization to surpass WIF. As of press time, Bonk's market cap is $3.77 billion, while WIF's market cap is $3.76 billion.
According to our survey, BONK DAO announced plans to destroy 1 trillion tokens before December 25 on November 15, which directly drove the token price up. Generally, sending tokens to a burn address means these tokens will be removed from circulation, effectively locking them and making them untradeable.
This process reduces the total supply, thereby enhancing the scarcity of the remaining tokens, which could potentially drive up their price.
In this process, Bonk's social dominance climbed to 1.52%. Social dominance measures the attention a cryptocurrency receives on social media relative to other coins; a higher score indicates greater recognition within the community, reflecting increased market interest and participation.
Conversely, if social dominance is low, it indicates less discussion about the cryptocurrency, which is often a bearish signal. Therefore, the rise in Bonk's social dominance suggests that the market capitalization and price of the Solana meme coin could continue to rise.
BONK Price Prediction: The upward trend is not over yet
BONK's price is now approximately $0.000050, with buying power quite strong, supporting this price level. From the daily chart, the Bull Bear Power (BBP) indicator has clearly risen, which measures the strength of buyers versus sellers.
If the BBP declines, it indicates that market sentiment is leaning bearish, and prices may fall. However, currently, the BBP is rising, indicating that BONK bulls are gaining momentum, potentially driving prices further up.
If this trend continues, the price of BONK could rise to $0.000055. However, if meme coins are overbought, the upward momentum may slow, and the price could potentially retrace to $0.000030.
