Bonk (BONK) has officially become the most valuable Solana meme coin by market cap, surpassing Dogecoin (WIF) earlier today. The milestone comes after the recent announcement from the decentralized autonomous Bonk Organization (DAO), which revealed plans to burn 1 trillion coins on Christmas Day.
While this strategic move helped fuel the shift, the surge in Punk’s price also contributed significantly to its rise. But the question remains: Can this meme coin maintain its new position?
Punk Overtakes Dogecoin to Become Most Valuable Meme Coin on Solana
Five days ago, BeInCrypto reported that Punk was the only Solana meme coin to post a positive return in the top 100. While it wasn’t the only one in the last 24 hours, it did post the highest gain — up 28%.
This price increase has meant that Punk’s market cap has surpassed that of WIF. At press time, Punk’s market cap is $3.77 billion, while WIF’s is $3.76 billion.
According to our findings, the DAO Punk’s announcement on November 15 that it plans to buy 1 trillion coins by December 25 contributed to the surge. Typically, sending coins to a burn address removes them from circulation, locking them up and making them untradable.
This action reduces the overall supply, which can make the remaining coins in circulation more scarce, potentially driving up their prices.
Amidst this development, Bonk’s social dominance has risen to 1.52%. Social dominance measures the amount of attention a cryptocurrency has compared to other currencies. A high rate indicates a strong community visibility, reflecting increased interest and engagement within the market.
On the other hand, low social dominance indicates that there is less discussion about the cryptocurrency. Generally, low social dominance is a negative indicator. Therefore, the rise in meme coin dominance suggests that the value and price of Solana meme coins may continue to rise.
BONK Price Prediction: The Uptrend Is Not Over Yet
BONK price is currently hovering around $0.000050, supported by strong buying pressure. The daily chart reveals a significant increase in the Bull and Bear Power (BBP) indicator, which measures the strength of buyers versus sellers.
A low BBP indicates that bears are in control and prices are likely to decline. However, in this case, a high reading indicates that BONK bulls are gaining momentum, which could push the price higher.
If this trend continues, the price of BONK could rise to $0.000055. Conversely, if the meme coin becomes overbought, the uptrend could stop, leading to a potential relapse towards $0.000030.