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Bonk Inu (BONK) Skyrockets 10%, Dethroning WIF As Solana's Largest Meme Coin
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Bonk Inu (BONK) Skyrockets 10%, Dethroning WIF As Solana’s Largest Meme Coin

Ronaldo Marquez
Ronaldo Marquez
10 months ago
3 mins read
Bonk Inu

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The dog-themed meme coin, Bonk Inu (BONK), has seen a significant price increase over the past 24 hours, reaching a one-month high of $0.00002698. The meme coin’s price jumped 10%, coinciding with the broader market rally, resulting in Bonk Inu becoming the largest meme coin by market capitalization in the Solana ecosystem, surpassing Dogwifhat (WIF).

Bonk Inu Surges Ahead Of Competitors

According to CoinGecko data, the recent surge propelled Bonk Inu’s market capitalization to $1.735 billion, surpassing WIF’s market cap of $1.69 billion. This places BONK in the 52nd spot among the largest cryptocurrencies in the market, trailing behind Optimism (OP) and Sui (SUI).

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Bonk Inu
Top 5 largest Solana-based meme coins. Source: CoinGecko

However, in the top 100, Bonk Inu still lags behind larger meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepecoin (PEPE), which have market caps of $15 billion, $9 billion, and $3 billion, respectively. 

Despite this, Bonk Inu has outperformed these tokens in price action, as the trio recorded significant losses of 13%, 5%, and 20%, respectively, over the past week, while BONK has surged by 3% during the same time frame.

Token Burn Proposal

The recent surge in Bonk Inu’s price comes after an announcement from the coin’s decentralized autonomous organization (DAO). 

The BONK DAO revealed on Monday that it had received a proposal to burn approximately 84 billion BONK tokens from its Treasury, representing the Q2 amount of BONK sent to the DAO from BONKBot, which is currently being voted on by the community.

Burning tokens is a common practice employed by crypto projects such as Shiba Inu to control inflation and overall token supply. By reducing the supply of tokens, the aim is to increase the value of the remaining coins and create a healthier ecosystem. 

In the long run, burning tokens tend to support an asset’s price, making it a positive move, which may be one of the catalysts behind the recent surge in Bonk Inu’s token price observed over the past week.

Whale Accumulation 

In addition to these positive developments, Bonk Inu has caught the attention of large investors, commonly referred to as whales. 

A report from smart money tracker FishTheWhales reveals that there have been five alerts of whale accumulation and buyouts in the past week alone, with a 24-hour trading volume reaching $150 million. 

Furthermore, crypto analyst Crypto Bull has identified an inverse head and shoulders pattern in Bonk Inu’s daily chart, indicating a potential continuation of the current price recovery. 

The analyst suggests that BONK is the most “obvious” coin to experience a pump from its current position, with expectations for other meme coins to follow suit. 

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Bonk Inu
The daily chart shows BONK’s price increase recorded over the past 24 hours. Source: BONKUSD on TradingView.com

While the token is undergoing a minor correction from its trading price of $0.00002610, it remains positioned to retest its next significant resistance level at $0.00002885. 

This level is crucial for the meme coin’s prospects of regaining momentum and potentially revisiting its all-time high of $0.00004547, achieved in March.

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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