The MEME coin Bonk, which is themed around dogs, has been soaring up the cryptocurrency market rankings, with a gain of over 80% in the past week. The token has recently surpassed Dogwifhat (WIF) to become the highest-ranked MEME coin by market capitalization on Solana. In addition, BONK is leading the trading volume in Solana MEME, with a trading volume of $2 billion.
Some experts are joining the BONK bandwagon, and its market capitalization has also been rising steadily over the past seven days. Although the trading volume of cryptocurrencies has declined today, analysts are still very optimistic about the further rise of BONK. In fact, one trader compared BONK's recent gains to another top dog-themed MEME currency: Shiba Inu (SHIB).
In fact, BONK token trader Unipcs is comparing BONK's current pattern to the setup before SHIB's 2021 rebound. They believe that BONK may follow a similar rebound trajectory in the near future. Unipcs points out that BONK and SHIB share many key factors, the most critical of which are unit preference, first appearance on major retail exchanges, and completion of the initial rise after heavy holders exit. The trader believes that these factors have paved the way for a rapid and substantial rise.
Furthermore, Unipics emphasizes BONK's status as a dog-themed MEME coin and compares it to other top cryptocurrencies SHIB and Dogecoin. The trader links BONK's success to that of DOGE and SHIB, the only two MEME coins with a market capitalization exceeding $40 billion. The trader did not directly state that BONK's market capitalization will reach $40 billion. However, previous dog-themed cryptocurrency traders may view BONK as the next target.
The trading application BONKBot reports that 1.5 billion BONK tokens were burned in the past 24 hours. This brings the total burn to 502.9 billion tokens, worth approximately $19 million. Trader Kadense also emphasizes that 77 trillion BONK tokens have been burned so far, and it is expected that another 1 trillion will be burned by Christmas. Continuous burning will also serve as a catalyst for the token's continued growth, driving it to become a major player in the MEME token space.
