If you’re a fan of cute animal-themed cryptocurrencies like Dogecoin (DOGE) or Shiba Inu (SHIB), then you might have heard about Solana-based Bonk (BONK). This particular coin led the pack in terms of growth among its peers on Saturday, with a whopping 30% surge in value according to CoinGecko data.
Not to be outdone, DOGE, SHIB, Dogwifhat (WIF), and Floki (FLOKI) also saw significant increases of up to 20%. What’s interesting about this particular spike is that it wasn’t just driven by hype or speculation – there were actual fundamental factors at play. For instance, Floki was actually mentioned alongside Ethereum (ETH) and Avalanche’s AVAX as a potential “utility token” by the Commodity Futures Trading Commission (CFTC) during a meeting last month.
This recognition from a regulatory body helped boost investor confidence in Floki. Additionally, the developers behind Bonk have been actively working on reducing the circulating supply of tokens through various means such as burning events. BonkDAO, a decentralized community of Bonk enthusiasts, even managed to burn 100 billion tokens from the total supply in November alone!
They plan on reaching the trillion token burn mark by December, which could potentially drive up the value of Bonk even further due to its increasing scarcity. Overall, while memecoins like Bonk are known for their high volatility and tendency to pump during market rallies, it seems like in this case, there are some legitimate fundamental factors at play as well.
So if you’re into cute animals and want to invest in something with a bit more substance than pure speculation, Bonk might just be worth keeping an eye on!
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