- Solana’s OG meme coin BONK inked 88% gains, now in phased correction.
- Traders expect the 1T BONK burn to propel the meme coin to a new ATH.
- The campaign pledges to burn 1,000 BONK for every eligible post on X.
Solana’s BONK saw a major upswing during the weekend, reaching a juicy three-month high of $0.000056 on Sunday evening. While the SOL meme token is showing signs of a renaissance, the Solana meme coin niche competition is getting intense.
How Solana’s OG Dog Flipped Dogwifhat
Totaling $23 billion in overall market capitalization, SOL’s meme coin category this year was mainly led by Dogwifhat (WIF). Priced at $3.56, WIF lost the number one spot on Derivatives markets despite whipping up a 24-hour trading volume of $1.91 billion. Bonk’s speculative demand topped this level by a margin, fetching $1.95 billion on the 1000-times multiplied BONK Perpetuals contract and another $455.52 million on regular BONK Derivatives.
BONK nearly doubles Dogwifhat’s daily trading volume on Spot, coming up to a $1.9 billion 24-hour cumulative total, compared to WIF’s just above $1 billion, CoinGecko reveals. This adds to a fiery seven-day bull run for the meme asset, netting 88% gains weekly. Among the biggest contributors was Bonk DAO’s announcement of a 1 trillion Bonk token burning campaign until Christmas.
Bonk Coin’s Massive 1T Burn Campaign
The underlying decentralized autonomous organization (DAO) published the first details on Bonk’s “BURNmas,” which include simple tasks like liking Bonk coin’s official media channels and burning tokens by walking on the MoonWalk app. Moreover, Solana meme coin aficionados can indulge in social media posts with the #LetsBONK hashtag and accelerate Bonk’s burn rate by December 24th, 12:01 AM UTC.
The projected one trillion burn will take out 1.44% of Bonk’s total supply. As of publication time, BONK is exchanging hands at $0.00004933, falling for a 9% crypto market correction on Monday. Distanced 12.3% from the all-time peak claimed a day ago, BONK saw double-digit drops in trading volume and Open Interest (OI), marking an imminent crypto market correction.
On the Flipside
- The burning campaign counts all of the activities combined and is set for a cumulative burn on Christmas Day at 12:01 a.m. UTC.
- Besides social activities, new holders buying over 10,000 BERN tokens contribute another 100,000 BONK coins to the incinerator.
Why This Matters
Memecoin-led bull runs garner attention and growth opportunities for both the parent chain and the meme coin, which many see as a leveraged play on the parent blockchain.
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