How Bonk’s Market Cap Flipped WIF After 28% Price Hike
The post How Bonk’s Market Cap Flipped WIF After 28% Price Hike appeared on BitcoinEthereumNews.com.
Bonk (BONK) has officially become the most valuable Solana meme coin by market capitalization, surpassing Dogwifhat (WIF) earlier today. This milestone follows the recent announcement by BONK’s Decentralized Autonomous Organization (DAO), revealing plans to burn 1 trillion tokens on Christmas Day. While this strategic move helped fuel the shift, BONK’s price surge also contributed significantly to its rise. But the question remains: can this meme coin hold onto its newly found position? Bonk Overtakes dogwifhat, Becomes Most Valuable Solana Meme Coin Five days ago, BeInCrypto reported that BONK was the only Solana meme coin with a positive return in the top 100. While it is not the only one in the last 24 hours, it had the highest gain — climbing by 28%. This price increase ensured that Bonk’s market cap flipped 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 announcement on November 15 that it plans to buy 1 trillion tokens by December 25 contributed to the hike. Typically, sending tokens to a burn address removes them from circulation, effectively locking them away and making them untradeable. Bonk Market Cap. Source: Santiment This process reduces the overall supply, which can increase the scarcity of the remaining tokens in circulation, potentially driving up their price. Amid this development, Bonk’s social dominance climbed to 1.52%. Social dominance measures how much attention a cryptocurrency garners compared to others. A high score signals strong community visibility, reflecting heightened interest and engagement within the market. A low social dominance, on the flip side, indicates that there are fewer discussions about cryptocurrency. Generally, low social dominance is bearish. Therefore, the hike in the meme coin’s social dominance suggests that the Solana meme coin’s market cap and price might continue to climb.…
Filed under: News - @ November 17, 2024 4:19 pm