- Solana’s meme coin Bonk (BONK) surpassed Dogwifhat (WIF) to become the network’s largest meme coin by market capitalization, reaching an all-time high price.
- Bonk’s community is participating in an initiative called “BURNmas,” where BONK tokens will be burned on Christmas Day, aiming to increase the coin’s scarcity and potentially drive up its price.
- Solana’s price continued its post-Election Day rise, fueled by expectations of a crypto-friendly regime under President-elect Donald Trump, approaching its all-time high from 2021.
Solana’s top dog Bonk reclaimed its title from Dogwifhat, all while SOL comes close to beating its own record from 2021. Rising by nearly 7% over the past day to 0.000005269, Bonk’s total value clocks in above $39 billion as of this writing. Meanwhile, Solana’s Dogwifhat (WIF) had fallen 5% to $0.329, ceding its celebratory status to Bonk as the meme coin’s market decreased to under $33 billion.
Bonk’s Rally
Earlier Tuesday afternoon, Bonk hit a new all-time high price of $0.0000057 after previously breaking its own record multiple times since late last week. Billed as the social layer of Solana, the development could be viewed as a return to normal for Bonk, which was embraced by Solana’s community following its launch in December 2022. In March, WIF flipped BONK for the first time, dethroning the go-to meme coin for months.
Whether it’s BONKbot or BONKSwap, Bonk’s ecosystem can be broken down into several community-led projects that have cropped up around the meme coin over time. Recently, Bonk’s governing DAO embraced an initiative called BURNmas, culminating on Christmas Day. Effectively, community members can participate in activities that will earmark BONK to be burned alongside the winter holiday, which would remove the tokens from circulation. With the meme coin’s increasing scarcity, some may hope the dynamic leads to a higher Bonk price.
Solana’s Price Action
Tuesday’s dogfight came as Solana continued its post-Election Day rise. Bolstered by expectations of a crypto-friendly regime under President-elect Donald Trump, Solana’s price has increased 50% since Americans went to the ballot box, jumping to $240 from $160.
In 2021, Solana set an all-time high price of $259, cementing its status as a so-called Ethereum killer. On Tuesday, as meme coin mania tightened its grip on Solana, the asset traded hands at 76% below that record while Ethereum remained 36% from its own 2021 peak of $4,878.
Conclusion
Whether pragmatic investors scoff at volatile meme coins or not, when they take off they can make fools of us all—at least until they crash. But lately, Solana meme coin BONK has been pretty much up only, blasting off to new heights now up 200% in the last two weeks as SOL itself approaches its own all-time high mark. And anyone who was airdropped a stack of free BONK soon after the token’s 2022 launch might be sitting pretty right about now.
