Bonk Leads Solana Meme Coins with $19M Burned and 90% Surge

Dog-themed meme coin Bonk (BONK) is making waves in the crypto space, drawing comparisons to the legendary meme coin rallies of 2021. Over the past week, BONK surged an impressive 90%, outpacing competitors like Dogwifhat to become the top Solana-based meme coin by market valuation. BONK also dominates trading activity among Solana memes, recording $2 billion in volume.

Deflationary Burn Milestone:
BONK's deflationary strategy continues to capture attention. The trading platform BONKBot reported that 1.5 billion BONK tokens were burned in the last 24 hours, contributing to a total of 502.9 billion tokens incinerated — valued at approximately $19 million. Crypto trader Kadense highlighted that 7.7 trillion BONK tokens have been burned so far, with an additional trillion projected by Christmas, earning BONK the nickname “Deflationary Dog Money.”

Market Insights and Predictions:
Veteran trader Unipcs likened BONK’s trajectory to Shiba Inu (SHIB) during its explosive growth phase. He pointed out BONK’s similarities to SHIB, including unit bias, early exchange listings, and a strategic initial pump that cleared out heavy bag holders. These elements, Unipcs argued, set the stage for a potential rally akin to SHIB’s legendary rise.

Additionally, prominent trader Pentoshi expressed optimism about BONK, suggesting it could soon enter price discovery, with more aggressive growth on the horizon.

Why It Matters:
As the only meme coins to reach market caps above $40 billion, Dogecoin (DOGE) and SHIB have set a high benchmark for success. BONK’s rapid ascent and innovative deflationary approach position it as a strong contender to join the elite ranks of these iconic dog-themed assets.