Meme coins are leading crypto’s rally today, and Solana-based Bonk hasactually revealed the most strength, pumping 13% at the time of composing.
Let’s appearance at the elements behind the healing and a brand-new meme coin that’s likewise revealing bullish development.
Bonk Overtakes Dogwifhat to Become Solana’s Number 1 Meme Coin
Bonk has gainedback its crown as Solana’s biggest meme coin, surpassing Dogwifhat’s market cap with an explosive 13% rise.
The morecomprehensive crypto market has rallied today, with the likes of Celestia, Sei, and Jupiter amongst the leading gainers.
However, Bonk has considerably surpassed, led by a brand-new treasury proposition to burn 84 billion tokens.
BONK DAO has got a proposition to BURN ~84B BONK from its Treasury representing the Q2 quantity of BONK sentout to the DAO from BONKBot.
All BONK locked on BonkRewards is now able to vote on neighborhood propositions.
Voting:https://t.co/akvJAfpCcM
— BONK DAO (@bonk_dao) July 8, 2024
The prepared token burn will decline Bonk’s overall supply, assisting reinforce its tokenomics.
This firedup a sharp increase in interest, with its cost chart showing a definitive upward trajectory today.
Currently, Bonk is trading at $0.00002651, leaving it 1% up over the previous 7 days.
That’s substantially muchbetter than its Solana peer, Dogwifhat, which is down 25% this week and 36% this month at the time of composing.
Currently, BONK is valued at $1.77 billion, while WIF is valued at $1.72 billion.
This makes Bonk the fourth-largest meme coin, just behind Dogecoin, Shiba Inu, and Pepe.
And the market is bracing for additional gains ahead.
TraderKoz highlighted Bonk’s “incredibly outstanding” rate action and highlighted its strength to the market’s bearish momentum.
$BONK continues to be extremely remarkable
Not numerous coins trading at the exactsame rate that they were 3 weeks or so back. Holding May’s low very well still. pic.twitter.com/o8GfRmg6ze
— TraderKoz (@TraderKoz) July 8, 2024
Meanwhile, SolanaMyth expects an explosive 3x rate rally is on the horizon.
Based on the expert’s chart, Bonk will combine through July and then start its next rally in August.
Unipcs associates Bonk’s current strength to its trading bot energy.
He highlights that the bot is creating “seven figures” in Bonk purchasing pressure regularmonthly, which is offering a substantial benefit to its rate action.
many are beginning to notification the amazing strength $BONK keeps showing through the current market bloodbaths
say what you will about ‘utility in memecoins’
but fading 7 figures in regularmonthly $bonk buy pressure coming from BonkBot is dumb
things will just get intriguing IMO pic.twitter.com/Jd6tNVi5T8
— Unipcs (aka ‘Bonk Guy’) 🎒 (@theunipcs) July 8, 2024
Indeed, having a utility-driven need stream can advantage the Bonk cost togetherwith its meme coin attraction.
But Bonk is no