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?

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. 

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.

BONK’s price currently hovers around $0.000050, supported by strong buying pressure. The daily chart reveals a significant increase in the Bull Bear Power (BBP) indicator, which measures the strength of buyers versus sellers.

A declining BBP suggests bearish dominance and potential price drops. However, in this case, the rising reading indicates that BONK bulls are gaining momentum, potentially driving the price higher.

If this trend continues, BONK’s price could climb to $0.000055. Conversely, if the meme coin becomes overbought, the uptrend might stall, leading to a potential pullback toward $0.000030.

The post BONK Market Cap Flips WIF Ahead of 1 Trillion Token Burn by Christmas appeared first on BeInCrypto.

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