Key Takeaways
- Solana (SOL), alongside two of its leading meme coins – Bonk (BONK) and Dogwifhat (WIF) – are experiencing a major rally following Trump’s victory in the U.S. presidential elections.
- BONK flipped WIF to the top of the Solana meme coin chart following a surge to a new all-time high of $0.000057. This was the result of the project’s DAO announcing a token burn campaign to eliminate 1 trillion BONK from supply before Christmas.
- WIF also closed in on its peak price after the crypto exchange Coinbase officially listed the meme coin for trade on its platform. The $4.29 valuation was its highest in nearly seven months.
- The price of SOL has rallied by 50% and is widely expected to surpass the 2021 all-time high of $259 as Trump takes office. The crypto community is hopeful that the new administration will enact pro-crypto policies in the U.S.
Solana (SOL) has come within striking distance of an all-time high as the crypto bull run transitions from Bitcoin to the altcoins. This has resulted in the price of meme coins deployed on the blockchain surging.
BONK Records All-Time High After Flipping WIF For Top Spot Among Solana Meme Coins
Bonk (BONK), a canine-themed meme coin on Solana, experienced a major upswing during the weekend by registering a three-month high of $0.00005269. This surge resulted in the token’s market capitalization rising above $4 billion. On Tuesday, BONK recorded a new all-time high of $0.000057 after breaking its peak price multiple times over the past week.
Launched in December 2022, Bonk is the first meme coin to be deployed on Solana and was billed as the “social layer” of the blockchain. However, the $23 billion Solana meme coin market has been largely led by its main rival Dogwifhat (WIF) this year. WIF flipped BONK to take the top spot in March, dethroning the original Solana meme coin for months.
BONK managed to take back the mantle after speculative demand for the token fetched $1.95 billion in trading volume on the 1000x BONK perpetual contracts and another $455.52 million on regular BONK derivatives. This came despite WIF raking up $1.91 billion in 24-hour trading volume.
Bonk also doubled Dogwifhat’s daily trading volume on the spot market. As per CoinGecko data, BONK recorded $1.9 billion in spot trades, compared to the little over $1 billion taken home by WIF.
Bonk DAO Announces Campaign To Burn 1 Trillion BONK Coins Before Christmas
This has resulted in the OG Solana meme coin going through a fiery 7-day bull run that increased its value by 88%. Among the biggest contributors to BONK’s price gain was the project’s decentralized autonomous organization (DAO) announcing that it is running a campaign to burn 1 trillion BONK until Christmas.
The “BURNmas” tasks Bonk community members with various simple tasks like following the meme coin project’s official social media channels and interacting with the MoonWalk app to contribute to the BONK burn event. Additionally, users can make X posts with the hashtag “#LetsBONK” to accelerate the burn rate.
The BURNmas campaign will end on December 24 at 12:01 UTC. The community believes that removing a large number of tokens from supply will increase Bonk’s scarcity and may lead to an increase in its price.
The projected one trillion burn will eliminate 1.3% of the total BONK from its circulating supply. However, this figure will be determined based on the community’s ability to complete the various tasks, like subscribing to Bonk’s social media channels or recording steps on the MoonWalk fitness app.
At the time of writing, BONK is changing hands at $0.00005467 – up 10.89% in the last 24 hours.
Coinbase Lists WIF, Token Closes In On All-Time High
Despite being tipped for the top spot in the Solana meme coin space, Dogwifhat did enjoy a tremendous week. The token, which has been available for purchase only via decentralized exchanges (DEX), was listed on Coinbase last Friday. This move resulted in WIF rallying to a $4.29 valuation, its highest price in over seven months.
However, the cryptocurrency is still behind its all-time high price of $4.58 from March, when the Dogwifhat community led a fundraiser to put the WIF logo on the Las Vegas Sphere.
At the time of writing, WIF is changing hands at $3.27 – down 3.44% in the last 24 hours.
Tuesday’s battle between BONK and WIF came as SOL continued its rally since election day. Former president Donald Trump’s victory has bolstered expectations of a crypto-friendly regulatory regime in the United States. Since November 5, the price of Solana has risen by 50%, going from $160 to $240.
SOL recorded its all-time high of $259 back in 2021, cementing its status as the real “Ethereum killer”.
At press time, Solana is trading at $234.17 – down 3.14% in the last 24 hours.
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