BONK Overtakes WIF, Becomes Solana’s Leading Meme Coin

Bonk (BONK), the favored Solana-based meme coin, is making headlines within the cryptocurrency world with its spectacular value efficiency after a notable announcement. On November 17, 2024, Bonk’s Decentralized Autonomous Group (DAO) introduced that it might burn almost 1 trillion tokens on December 25, 2024.

BONK surpasses WIF in market capitalization

Following this strategic announcement, BONK has posted a large acquire of over 11% previously 24 hours, surpassing Solana’s high meme coin Dogwifhat (WIF) and turning into SOL’s high meme coin. With a exceptional value improve BONKs its market capitalization has surpassed that of WIF and stands at $3.94 billion, in comparison with WIF’s $3.60 billion.

Buying and selling quantity and market response

Presently, BONK is buying and selling round $0.0000513 and not too long ago hit an all-time excessive of $0.0000566. Throughout the identical interval, buying and selling quantity elevated by 73%, indicating elevated dealer participation following the token burn announcement.

Furthermore, BONK has risen greater than 105% in current days, whereas WIF has posted a acquire of greater than 35% in the identical interval.

In accordance with CoinMarketCap, WIF seems to be struggling, gaining simply 0.65% previously 24 hours. Moreover, different meme cash additionally appear to be struggling throughout the identical interval.

Growing social curiosity

Within the cryptocurrency business, a token burning announcement is usually seen as a constructive signal, because it reduces the overall circulating provide, doubtlessly triggering a rally within the token’s value.

Nonetheless, the announcement has obtained loads of consideration from the crypto group. In accordance with on-chain analytics agency Santiment, BONK’s social dominance has elevated to 1.61%, indicating robust curiosity and engagement from crypto fans inside the market.