Solana-based meme coin Bonk (BONK) surged over 25% in the last 24 hours amid a significant token burn and increased whale activity. BONK’s market cap surpassed $1.8 billion, overtaking its rival Dogwifhat (WIF).
Initially popularized in 2023, BONK has expanded to include decentralized finance (DeFi) features and cross-chain communication. Its latest price spike followed a proposal to burn 84 billion BONK tokens, creating scarcity and driving up demand.
Whales buying BONK also contributed to the price increase. This rally is part of a broader meme coin surge, with Pepe (PEPE) and others like Dogecoin (DOGE) and Shiba Inu (SHIB) also seeing gains.
The overall meme coin market cap rose to $42.53 billion, a 7% increase in 24 hours. BONK’s growth signifies a strategic shift in meme coin market dynamics, influenced by major cryptocurrencies like Bitcoin.
