#Bonk (BONK) and its recent price increase ¹:
- The dog-themed meme coin, Bonk Inu (BONK), has seen a significant price increase of 10% over the past 24 hours, reaching a one-month high of $0.00002698.
- Bonk Inu has become the largest meme coin by market capitalization in the #Solana ecosystem, surpassing Dogwifhat (WIF).
- The recent surge propelled Bonk Inu’s market capitalization to $1.735 billion, surpassing WIF’s market cap of $1.69 billion.
- Bonk Inu still lags behind larger meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepecoin (PEPE), which have market caps of $15 billion, $9 billion, and $3 billion, respectively.
- Despite this, Bonk Inu has outperformed these tokens in price action, surging by 3% over the past week, while DOGE, SHIB, and PEPE recorded significant losses.
- The recent surge in Bonk Inu’s price comes after an announcement from the coin’s decentralized autonomous organization (DAO) regarding a proposal to burn approximately 84 billion BONK tokens from its Treasury.
- The token burn proposal has been positively received by the community, with many seeing it as a sign of a healthier ecosystem.
- Large investors, commonly referred to as whales, have also taken notice of Bonk Inu, with a report from FishTheWhales revealing five alerts of whale accumulation and buyouts in the past week alone.