Bonk (BONK) officially became the most valuable Solana same coin by market cap, surpassing Dogwifhat (WIF) earlier today. This step follows the recent announcement of the decentralized autonomous organization of BONK (DAO), revealing plans to burn 1 trillion tokens on Christmas Day.
While this strategic decision helped fuel this shift, BONK’s price surge also contributed significantly to its rise. But the question remains: can this meme retain its newly found position?
Bonk Overtakes Dogwifhat, Becomes Most Valuable Solana Meme Coin
Five days ago, BeInCrypto reported that BONK was the only Solana coin with a positive return in the top 100. Although not the only one in the last 24 hours, it recorded the highest gain, up 28%.
This price increase ensured that Bonk’s market capitalization shifted towards that of WIF. As of press time, Bonk’s market capitalization is $3.77 billion, while WIF is $3.76 billion.
According to our findings, the BONK DAO announcement on November 15, the fact that it plans to buy 1 trillion tokens by December 25 contributed to the rise. Typically, sending tokens to a burn address removes them from circulation, effectively locking them up and making them non-tradable.
This process reduces the overall supply, which may increase the scarcity of remaining tokens in circulation, potentially driving up their price.
Amid this development, Bonk’s social dominance increased to 1.52%. Social dominance measures the attention a cryptocurrency receives compared to others. A high score indicates 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 cryptocurrency. Generally, low social dominance is bearish. Therefore, the increase in social dominance of the same corner suggests that the Solana coins meme the market capitalization and price could continue to rise.
BONK Price Prediction: The Uptrend Is Not Over
The current price of BONK is hovering around $0.000050, supported by strong buying pressure. The daily chart reveals a significant increase in the Bull Bear Power (BBP) indicator, which measures the strength of buyers versus sellers.
A falling BBP suggests bearish dominance and potential price reductions. However, in this case, the rising reading indicates that BONK bulls are gaining momentum, which could push the price higher.
If this trend continues, BONK price could rise as high as $0.000055. Conversely, if the same coin becomes overbought, the uptrend could stop, leading to a potential withdrawal towards $0.000030.
Disclaimer
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