Bonk (BONK) is a popular coin based on Solana, whose recent price performance has been strong, attracting widespread attention in the crypto market. On November 17, 2024, the Bonk Decentralized Autonomous Organization (DAO) announced a major plan, stating that it will conduct a large-scale token airdrop event on December 25, 2024, with an expected distribution of nearly 1 trillion tokens.
This news has injected a strong bullish sentiment into the market. Token airdrops are often seen as an important strategy to reduce circulating supply and increase token scarcity, so Bonk's intervention plan may become a catalyst for further price increases. It has consolidated Bonk's important position in the coin ecosystem and also fulfilled its DAO's commitment to long-term value growth.
Bonk Market Cap Surpasses Dogwifhat (WIF)
After the release of this strategic announcement, Bonk has surged by over 11% in the past 24 hours, surpassing Solana's largest coin Dogwifhat (WIF) to become the leading coin on SOL. With the significant price increase, Bonk's market cap has exceeded WIF, reaching $3.94 billion, while WIF is $3.6 billion.
Trading Volume and Market Reaction
Currently, Bonk's trading price is around $0.0000513, recently hitting a new all-time high of $0.0000566. After the announcement of the token airdrop plan, market sentiment has risen significantly, with trading volume increasing by 73%, indicating a notable increase in trader activity.
Over the past few days, Bonk's price has cumulatively increased by over 105%, while in comparison, another well-known coin WIF has also risen by 35%. According to the latest data from CoinMarketCap, WIF's price increase alert has only seen a slight 0.65% increase in the past 24 hours, showing signs of fatigue. Additionally, other mainstream cryptocurrencies have also performed flat during this period, further highlighting Bonk's outstanding performance in the current market.
This statement indicates that Bonk's token intervention plan has not only stimulated its market performance but also made it the focus of attention for traders in the highly competitive currency ecosystem.
Increasing Social Attention
In the cryptocurrency industry, token burn announcements are often seen as a positive signal, as they reduce the overall circulating supply, potentially leading to token price increases. However, this announcement has garnered significant attention from the crypto community. According to data from on-chain analysis firm Santiment, Bonk's social dominance has risen to 1.61%, indicating a strong interest and participation from crypto enthusiasts within the market.
