- Bonk makes an explosive move to become the fourth largest meme coin, surpassing Dogwifhat (WIF) with a market cap of $3.81 billion.
- This move has been linked to a recent exercise to burn 1 trillion tokens in December.
Bonk (BONK) has made a significant move to establish itself as the fourth-largest meme coin in the ecosystem. According to our market data, the asset has surged by 99% in the last seven days to hit a market capitalization of $3.81 billion, surpassing Dogwifhat (WIF) which had a market cap of $3.63 billion at press time.
Fascinatingly, this move facilitated the establishment of a new all-time-high price at $0.00005626, extending its Return on Investment (ROI) to 5,068,794%. Within the same period, its 24-hour trading volume witnessed a 73% surge.
Recently, on Coinbase, Bonk recorded a daily trading volume of $384 million to surpass the likes of Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE).
Meanwhile, WIF appears to be struggling as it has declined by 5% in the last 24 hours. In a head-to-head comparison, we discovered that Bonk has recorded an impressive run of 105% in the last few days against a 35% uptick registered by WIF. Generally, Bonk has had better trader participation, with its social sentiment rising by 1.61%.
In addition to the above, we observed that the asset has broken out of a crucial consolidation phase, bouncing off a triple bottom on its weekly chart. According to our analysts, a “triple bottom” is a bullish indicator marked by three equal lows.
Bonk’s BURNmas Exercise
Analyzing the possible cause of this unexpected surge, we observed a close correlation with the recent announcement that BonkDAO, a decentralized group of BONK supporters, would burn a total of 1 trillion tokens in December. Recently, 100 billion tokens were burnt from circulation with 7.7 trillion eliminated so far.
A Bonk core contributor identified as @iamkadense made this disclosure.
7.7 trillion BONK have been burned so far and over a billion tokens continue to be burned daily. A burn of 1 trillion is planned for BONKmas and the community can continue to burn beyond that.
The burning exercise dubbed BURNmas transforms everyday engagement within the Bonk ecosystem into token burns. Fascinatingly, this includes tweets about BURNmas, following Bonk updates on socials, trading on Bonk platforms, tracking morning walks, etc.
For every new follower on any of the Bonk official social media channels, 10,000 $BONK would be burnt. Watching the Team BaoBao Animation Series would also burn 10,000 tokens for each view.
While the general burning exercise reduces supply and subjects the token to a better value proposition, BURNmas transcend numbers to build momentum.
Burning tokens decreases the total supply of $BONK, which can be favorable for its value and beneficial to the community. But BURNmas isn’t just about numbers — it’s about building momentum. The growing activity across BONK’s platforms creates a powerful network effect, driving organic demand and adoption. BONK DAO is dedicated to aligning with the community to build a stronger foundation for BONK’s future as crypto’s leading social token.
