Dog-themed meme coin Bonk is surging on the crypto market charts, rising over 80% in the past week. The token recently surpassed Dogwifhat (WIF) to become the top meme coin on Solana by market valuation. Additionally, BONK also leads trading volume among Solana memes, recording $2 billion in activity.
Some experts are jumping on the BONK train, with its market cap also climbing in the last seven days. While trading volume around the cryptocurrency is down today, analysts are still heavily favoring BONK for a further jump. In fact, one trader has compared BONK’s recent climb to that of another top dog-themed meme coin: Shiba Inu (SHIB).
Indeed, BONK coin trader Unipcs is drawing comparisons between BONK’s current pattern and SHIB’s 2021 pre-rally setup. They suggest that BONK could follow a similar rally trajectory in the near future. Unipcs notes that BONK shares many key factors with SHIB. The most crucial ones are unit bias, debuting on a major retail exchange, and having completed an initial pump where heavy bag holders exited. These factors, the trader argues, pave the way for an aggressive upward move soon.
Also Read: Shiba Inu: Will Not Sell SHIB Until It Reaches 50 Cents: Says Analyst
Furthermore, Unipics spotlights BONK’s status as a dog-themed meme coin, comparing it to other top dog cryptocurrencies SHIB and Dogecoin. The trader aligns BONK with the success of DOGE and SHIB, the only two meme coins to achieve market caps above $40 billion. The trader doesn’t outright say that BONK is heading toward a $40B market cap. However, it is possible that previous dog-themed cryptocurrency traders could see BONK as the next in line.
Trading application BONKBot reports burning 1.5 billion BONK in the last 24 hours. This brings the total burns to 502.9 billion tokens worth approximately $19 million. Trader Kadense also highlighted that 7.7 trillion BONK coins have been burned so far, with 1 trillion more expected by Christmas. The ongoing burns will also be a catalyst for continued growth for the token, pushing it further up the charts as a major player in meme coins.
Credit: Source link