- BONK, a dog-themed meme coin, has surged over 80% in the past week, surpassing Dogwifhat (WIF) to become the top meme coin on Solana by market valuation.
- Some experts are drawing comparisons between BONK’s current pattern and Shiba Inu (SHIB)’s pre-rally setup in 2021, suggesting that BONK could follow a similar rally trajectory soon.
- Ongoing token burns, with over 77 trillion BONK coins burned so far and 1 trillion more expected by Christmas, are expected to act as a catalyst for BONK’s continued growth.
Dog-themed meme coin Bonk has seen a major surge recently on crypto market charts, rising over 80% in the past week alone. The token has solidified itself as a top meme coin, and some experts think its climb could mirror Shiba Inu’s epic 2021 rally.
Bonk Overtakes Top Meme Coins on Solana
Bonk recently surpassed Dogecoin-inspired token DogWIF to become the largest meme coin on Solana by market valuation. Additionally, BONK also now leads in trading volume among Solana memes, recording $2 billion in activity.
While trading volume around Bonk is down today, analysts are still heavily favoring the token for further gains. In fact, one trader has compared Bonk’s recent climb to that of top dog-themed meme coin Shiba Inu (SHIB) in 2021.
Trader Draws Similarities to SHIB’s Pre-Rally Setup
Indeed, Bonk coin trader @Unipcs is drawing many comparisons between Bonk’s current pattern and SHIB’s setup right before its major rally. They suggest Bonk could follow a similar trajectory soon.
@Unipcs notes Bonk shares crucial factors with SHIB before its surge. The most important ones are: unit bias, debuting on a major retail exchange, and completing an initial pump where heavy bag holders exited. These dynamics pave the way for an aggressive move upward.
Ongoing Token Burns Add Further Catalyst
Trading application BONKBot reports burning 15 billion BONK tokens in the last 24 hours. This brings total burns to 502.9 billion coins worth approximately $19 million.
Trader @Kadense also highlighted that 7.7 trillion BONK have been burned so far, with 1 trillion more expected by Christmas. The ongoing burns will further catalyze growth, elevating Bonk as a top meme coin.
Conclusion
With Bonk solidifying itself among the top meme coins and drawing comparisons to SHIB’s epic rise, the dog-themed token could be on the cusp of a major breakout. The ongoing token burns also add a crucial catalyst for lifting Bonk up the charts. If the coin can capture interest like DOGE and SHIB before it, Bonk could be headed for new all-time highs in the near future.
