The meme coin market has seen a growth of nearly 3.1% over the past 24 hours. Among the top five meme coins, Bonk, the fifth largest meme coin by market capitalization, recorded the highest 7-day change of +97.8%, compared to Dogecoin +26.5%, Shiba Inu -2.5%, Pepe +66.9% and dogwifhat +15.7%.

On Coinbase Exchange, with a 24-hour trading volume of $301,612,088, Bonk/USD is currently leading as the top meme coin trading pair. The most burning question that the meme coin community is discussing is: 'Can Bonk be the next big meme coin? It's time for an in-depth analysis. Let's get started!

The Recent Surge of Bonk: A General Overview

On November 5th, the price of Bonk was around $0.00001779. By November 17th, it peaked at $0.00005124, marking an incredible increase of 188.027%. Over the past 30 days, the Bonk market reported a spike of 114.5%. Notably, on Coinbase, the BONK/USD pair, with a 24-hour trading volume of $301,612,088, outperformed prominent meme coin pairs like DOGE/USD ($229,977,462), SHIB/USD ($80,930,018), and PEPE/USD ($73,229,990). Reports suggest that the factors influencing the recent growth of the Bonk meme coin market are speculative trading and community enthusiasm.

Bonk Technical Analysis: Analyzing a key chart pattern

A triple bottom pattern has been observed in Bonk's weekly chart. Analyzing the pattern, it is clear that the market has successfully broken away from it. The triple bottom chart pattern is a bullish reversal pattern. The breakout from this pattern is considered a bullish trend, as it leads to a significant change in price direction.

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, behind 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 always want to invest in healthy, undervalued assets because they know that they have tremendous potential to maximize their profits. Reports indicate that Bonk's low market capitalization and high trading volume have made it one of the most attractive meme coins for both retail and institutional investors. Cryptocurrency analysts predict that the recent price surge of BONK could attract new investors to the market.

The Role of Token Burns in the Bonk Market

Recently, BonkDAO has burned at least 100 billion tokens. Reports indicate that at least another 1 trillion tokens could be burned next month. Token burns typically increase the value of an asset, as they reduce the total supply of tokens.

Reports also note that daily burns occur in the Bonk market through activities in the Solana ecosystem, such as staking, greeting cards, and trading.

In summary, with strong growth, a token burn plan, and active community involvement, BONK shows strong potential to become a standout meme coin.