$BONK Rise of 80%: Is a surge similar to SHIB unfolding?
Recently, the dog-themed meme coin BONK skyrocketed by over 80% in just one week, attracting widespread attention in the market. Not only that, but BONK has also successfully surpassed WIF to become the highest valued meme coin in the Solana market, with trading volume in Solana memes leading at an astonishing $2 billion.
With the strong rise of BONK, its market capitalization has continued to climb over the past seven days. Despite a recent decline in overall trading volume of cryptocurrencies, BONK's current upward trajectory bears a striking resemblance to the rebound of another dog-themed meme coin, SHIB, in 2021.
Indeed, from multiple perspectives, BONK and SHIB share many similarities. Firstly, both are dog-themed meme coins, a characteristic that gives them unique appeal and recognition in the market.
Secondly, BONK has also gone through stages similar to SHIB, including unit deviation, debuting on major retail exchanges, and initial pump phases with heavy bag holders exiting. These factors have laid a solid foundation for BONK's subsequent significant increase.
Additionally, traders have compared BONK with DOGE. DOGE and SHIB are the only two meme coins with a market capitalization exceeding $40 billion, and their success undoubtedly provides valuable insights and inspiration for BONK. While traders do not directly assert that BONK's market capitalization will reach $40 billion, it is clear that they are filled with anticipation and confidence regarding BONK's future development.
It is worth mentioning that BONK's burn mechanism is also one of the important catalysts for its continued rise. According to the trading application BONKBot, 1.5 billion tokens have been burned in the past 24 hours, with a total destruction amount reaching 502.9 billion tokens, valued at around $19 million. This mechanism not only reduces the circulating supply in the market but also enhances the token's scarcity and value. So far, 7.7 trillion BONK coins have been destroyed, and it is expected that another trillion will be burned by Christmas. This ongoing burn activity will further drive BONK's upward momentum on the charts.
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