Bonk (BONK) has formally end up being the most important Solana meme coin by market capitalization, going beyond Dogwifhat (WIF) earlier today. This turning point follows the current statement by BONK’s Decentralized Autonomous Organization (DAO), exposing strategies to burn 1 trillion tokens on Christmas Day.
While this tactical relocation assisted sustain the shift, BONK’s cost rise likewise contributed substantially to its increase. The concern stays: can this meme coin hold onto its freshly discovered position?
Bonk Overtakes dogwifhat, Becomes Most Valuable Solana Meme Coin
5 days earlier, BeInCrypto reported that BONK was the only Solana meme coin with a favorable return in the leading 100. While it is not the only one in the last 24 hours, it had the greatest gain– climbing up by 28%.
This rate boost made sure that Bonk’s market cap turned to WIF’s. At press time, Bonk’s market cap is $3.77 billion, while WIF’s is $3.76 billion.
According to our findings, BONK DAO’s statement on November 15 that it prepares to purchase 1 trillion tokens by December 25 added to the walking. Usually, sending out tokens to a burn address eliminates them from blood circulation, successfully locking them away and making them untradeable.
Bonk Market Cap. Source: Santiment
This procedure decreases the total supply, which can increase the deficiency of the staying tokens in flow, possibly increasing their rate.
Amidst this advancement, Bonk’s social supremacy reached 1.52%. Social supremacy determines just how much attention a cryptocurrency amasses compared to others. A high rating signals strong neighborhood presence, showing increased interest and engagement within the marketplace.
A low social supremacy, on the other side, shows that there are less conversations about cryptocurrency. Usually, low social supremacy is bearish. The walking in the meme coin’s social supremacy recommends that the Solana meme coin’s market cap and rate may continue to climb up.
Bonk Social Dominance. Source: Santiment BONK Price Prediction: Uptrend Not Over
BONK’s rate presently hovers around $0.000050, supported by strong purchasing pressure. The day-to-day chart exposes a considerable boost in the Bull Bear Power (BBP) indication, which determines the strength of purchasers versus sellers.
A decreasing BBP recommends bearish supremacy and possible cost drops. In this case, the increasing reading shows that BONK bulls are getting momentum, possibly driving the cost greater.
Bonk Daily Analysis. Source: TradingView
If this pattern continues, BONK’s cost might reach $0.000055. Alternatively, if the meme coin ends up being overbought, the uptrend may stall, resulting in a possible pullback towards $0.000030.
Disclaimer
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