BONK Jumps 16% to Record Highs as Traders Eye Even More Gains Ahead

Fresh
bitcoin
(BTC)
highs
and
a
round
of
memecoin
listings
on
influential
exchanges
Coinbase
and
Robinhood
have
brought
attention
back
to
large
cap
memecoins,
with
BONK
setting
new
highs
on
renewed
trading
interest
and
a
lofty
token
burn
target.

BONK
surged
16%
over
the
past
24
hours
to
lead
gains
among
majors
and
large
cap
memes
on
$2.6
billion
in
trading
volumes
—
a
relatively
large
figure
for
the
Solana-based
dog
token.

On
Coinbase,
it
led
memecoin
trading
volumes
at
$384
million
in
the
past
24
hours,
higher
among
dogecoin
(DOGE),
pepe
(PEPE),
shiba
inu
(SHIB)
and
dogwifhat
(WIF)
—
suggesting
a
bump
in
retail
and
institutional
preference
for
the
token
on
the
exchange.

Meme
coins
often
see
rapid
price
increases
due
to
viral
marketing,
community
enthusiasm,
and
speculative
trading
based
mainly
on
narratives
rather
than
having
technical
backing.

Bonk
was
created
in
December
2022
in
the
aftermath
of
the
FTX
exchange
collapse
by
22
developers
from
the
Solana
ecosystem,
as

CoinDesk
reported
in
early
2023.

Price
chart
data
shows
BONK
has
broken
out
from
consolidation
patterns,
showing
a
bounce
off
a
triple
bottom
on
its
weekly
chart
against
the
SOL/USD
trade
pair,
Bonk
core
contributor
@iamkadense
pointed
out
an
X
post
as
part
of
a
bullish
thesis
on
the
token.

The
thesis
is
that
SOL’s
outperformance
may
drive
attention
to
BONK
as
a
beta
bet
on
the
broader
ecosystem,
a
market
behavior
that
often
shows
up
during
times
of
demand.

A
triple
bottom
is
a
bullish
chart
pattern
used
in
technical
analysis
characterized
by
three
equal
lows
followed
by
a
breakout
above
resistance.

Traders
such
as
@theunipcs—who
famously
turned
a
$16,000
trader
into
over
$18
million
on
Bonk
and
continues
to
hold
the
position—say
the
low
unit
bias,
Coinbase
trading
volumes,
and
relatively
low
market
cap
compared
to
DOGE
or
SHIB
add
to
BONK
appeal
for
new
traders.

“The
last
time
we
had
the
kind
of
retail
influx
and
mania
we’re
about
to
witness:
$DOGE
hit
an
ATH
market
cap
of
$90
billion
and
$SHIB
hit
an
ATH
market
cap
of
$43
billion,”
@theunipcs
said
in
an
X
post.
“$BONK
currently
has
a
market
cap
of
$3.6
billion,
which
means
that
it
is
ridiculously
undervalued
compared
to
DOGE,
SHIB,
and
PEPE
right
now.”

“This
means
there
is
A
LOT
of
room
to
grow,”
they
added.

Elsewhere,
interest
in
BONK
is
booming
in
Solana
circles
for
a
host
of
activities
that
intend
to
deflate
token
supply—a
move
that
has
historically
contributed
to
higher
prices.

BonkDAO,
a
decentralized
group
of
bonk’s
believers
that
maintains
the
token,
recently
burned
100
billion
tokens
from
the
circulating
supply
and
targets
a
trillion
token
burn
in
December,
which
could
potentially
increase
value
due
to
scarcity.

Burns
refer
to
the
permanent
removal
of
tokens
from
circulating
supply
by
sending
them
to
a
crypto
address
that’s
not
controlled
by
anyone.

“7.7
Trillion
$BONK
has
been
burned
and
ongoing
daily
burns
of
a
billy
plus.
Yesterday,
BONKbot
burned
2
billion
$BONK
and
$BERN
is
burning
$BONK
rapidly
again,”
Bonk’s
@iamkadense
said
in
an
X
post.
“100B
just
burned,
1
Trillion
to
be
burned
for
BONKmas
and
may
not
stop
there
by
the
community.”

Tokens
for
those
burns
will
originate
from
applications
within
the
Solana
ecosystem
that
utilize
BONK
for
a
feature
or
set
of
features.

Per
tweets,
these
include
burns
for
bets
placed
on
Dragontail,
Christmas
cards
sent
using
BONKmark,
and
trades
placed
on
LiveBonk,
among
other
applications
specified
by
Bonk’s
X
account.