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BONK is trending in the crypto market for its last few days of gains. More importantly, these gains have happened when the crypto market is pulling down the token values with continuous falls. Presently, the global market cap is at $2.37 Trillion with a trading volume of $79.35 Billion. However, the meme market conditions have improved, as the total meme market cap is around $52,759,444,130, with BONK, KiboShib, and SuperTrump as the top-performing meme coins.
In this blog, let us discuss what is happening with BONK.
BONK Price Surged Above 80%
BONK has officially recovered from the price slump it has been facing for a month now. In its last peak, the Solana-based meme coin attained an all-time high mark, before walking towards a downward spiral.
This ongoing surge started on the 20th of April when the token was trading around $0.0000148, later surging to a week high of $0.00002902. At the time of writing, BONK is at $0.00002545 after a 71% hike. It is currently ranked 58th on CoinmarketCap for its market capitalization of $1,658,457,841, with a 5.52 surge. Also, the trading volume is up by 27%, pushing the value to $658,306,416.
With these gains, the token is just 45% away from its all-time high target. Based on the bullish factors, analysts believe, BONK might surge to the $0.000030 mark before targeting the ATH. Moreover, a satisfactory bullish push might happen if the Bitcoin and Ethereum prices recover from their slumps. In contrast, if the meme coin lost its resistance support and moved below that, the surge could turn into a dip, pushing the value down to $0.0000152.
BONK Burn To Change The Dynamics Of Meme Coins
BONK DAO had earlier proposed burning 280 Billion BONK tokens to increase the demand for the meme coin. The organization made the offer public to the user on the 18th of April, and the voting options were live for some time. Finally, the results have been made public recently.
BONK DAO has received a proposal to BURN ~280B BONK from its Treasury representing 100% of the BONK earned by BONK DAO from its revenue sharing agreement with BONKBot since launch.
— BONK DAO (@bonk_dao) April 17, 2024
According to the burn voting results, most participants preferred the BONK burn, where more than 99.9% of the people, counting 418,625,159,192 votes, supported the burn operation. As a result, BONK DAO will burn 78,393,137,215 Billion tokens in the upcoming days.
As per the conditions, BONK DAO is supposed to be burning all the tokens in the treasury earned from the BONKbot agreement. BONKbot is a telegram-based BONK trading bot that was launched last year.
Conclusion
BONK is a popular meme coin, and because of that, the expectations are high for the ongoing price surge. After a long month of continuous fall, the token has surprised investors with its surge in the falling market. Investors are now eyeing the token-burning moment to see an upsurge in the token prices due to the increased demand. It will be an important moment to recover the losses faced in the last few weeks.
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