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BONK Market Cap Surpasses WIF Ahead of 1 Trillion Token Burn

BONK becomes top Solana meme coin. Market cap flips WIF as 1 trillion token burn nears

3 minNovember 17, 2024

Highlights:

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BONK surpasses WIF in market cap, driven by a 28% price surge and upcoming burn.

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BONK DAO plans to burn 1 trillion tokens by Christmas, increasing scarcity and price.

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Rising social dominance and strong buying momentum suggest further price growth for BONK.

BONK Market Cap Surpasses WIF Ahead of 1 Trillion Token Burn

BONK has officially flipped WIF, becoming the most valuable Solana meme coin. This milestone comes several days before BONK’s Decentralized Autonomous Organization (DAO) plans to burn 1 trillion tokens on Christmas Day. 

 

Bonk’s Market Cap Surpasses WIF

 

Five days ago, BONK was the only Solana meme coin with positive returns in the top 100. While other meme coins have gained, BONK stood out with a 28% price rise. This surge helped BONK surpass WIF’s market cap. 

 

 

As of writing, BONK’s market cap sits at $3.77 billion, slightly ahead of WIF’s $3.76 billion. The boost also came after the November 15 announcement from BONK’s DAO. 

 

Sending tokens to a burn address reduces their supply, which can drive up demand and price. This move could make the remaining tokens more scarce, benefiting BONK’s value.

 

BONK’s social dominance also grew, reaching 1.52%. This metric tracks how much attention a cryptocurrency gets compared to others. A higher social dominance typically signals rising interest, which could support further price growth. 

 

Can BONK Keep the Lead?

 

Currently, BONK’s price sits at $0.000050, supported by strong buying momentum. The Bull Bear Power (BBP) indicator shows increasing buyer strength. 

 

If this continues, BONK’s price could rise to $0.000055. However, the rally could stall if the price enters the overbought zone, leading to a potential pullback to $0.000030. 

 

Traders should watch for signs of weakening momentum, as a correction might follow. As the burn date approaches, BONK’s future price movements will be crucial to watch.

 

 

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