BONK Gains Momentum with Plans for a 1 Trillion Token Burn

The Solana-based memecoin BONK has been making waves with a remarkable 16% price surge in the past 24 hours, setting new milestones in the memecoin space.

This rally coincides with Bitcoin’s recent highs and an uptick in memecoin activity on prominent platforms like Coinbase and Robinhood. BONK, with a trading volume hitting $2.6 billion, has emerged as a standout, rivaling Dogecoin in capturing renewed interest from both individual and institutional investors.

On Coinbase alone, BONK outperformed other memecoins, recording $384 million in trading volume. This figure surpassed well-established tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Dogwifhat (WIF).

Recent technical analysis shows that BONK has broken out of a consolidation phase. A “triple bottom” pattern on its weekly chart against the SOL/USD pair suggests a bullish outlook. Bonk contributor @iamkadense highlighted this formation, which often signals a potential upward trend after overcoming resistance levels.

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BONK’s rising popularity is also fueled by aggressive token burns that aim to reduce its supply and drive prices higher. The BonkDAO, a decentralized collective of BONK supporters, has already removed 100 billion tokens from circulation. Looking ahead, they plan a massive burn of 1 trillion tokens in December.

Kosta Gushterov