BONK Memecoin Breakout: 16% Price Jump and Record Trading Volumes on Coinbase
BONK Memecoin Surges – The memecoin market is experiencing a renewed surge as Bitcoin (BTC) hits fresh highs and influential exchanges like Coinbase and Robinhood list new memecoins. One standout in this rally is BONK, which has recently seen a remarkable 16% surge in the past 24 hours, leading gains among major memecoins. With $2.6 billion in trading volumes, BONK has captured the attention of both retail and institutional investors, particularly on Coinbase, where its trading volume of $384 million outpaced Dogecoin (DOGE), Shiba Inu (SHIB), and other popular dog-themed tokens.
BONK’s Remarkable Trading Volume and Market Performance
In just one day, BONK made a stunning 16% gain, leading the pack among major memecoins. With $2.6 billion in daily trading volume, BONK’s trading activity on Coinbase has been particularly impressive, surpassing not only Dogecoin (DOGE) and Shiba Inu (SHIB) but also emerging as the top memecoin by volume on the platform. This surge indicates that there is increasing retail and institutional demand for BONK, further positioning it as a significant player in the Solana-based memecoin sector.
A key factor in BONK’s momentum is the growing interest from retail investors and the recent Coinbase listing, which has made it easily accessible to a broader audience. Unlike other larger market cap memecoins, BONK’s low price per unit and relatively low market capitalization compared to DOGE and SHIB have made it an attractive option for new traders looking to capitalize on the hype.
What Traders Are Saying About BONK’s Potential
According to technical analysis and insights from key traders, BONK is in the midst of a bullish breakout. Price chart data reveals that the token has broken free from consolidation patterns, forming a classic triple bottom formation. A triple bottom is a widely recognized bullish chart pattern in technical analysis, where a token forms three equal lows followed by a breakout above resistance levels.
BONK core contributor @iamkadense pointed out that SOL’s (Solana) outperformance might be driving attention to BONK, with traders viewing it as a beta bet on the broader Solana ecosystem. The trader community, including figures like @theunipcs, who turned a $16,000 position into over $18 million on BONK, is seeing significant upside potential in BONK’s low market cap. According to them, BONK’s current market cap of $3.6 billion represents a huge opportunity compared to DOGE ($90 billion) and SHIB ($43 billion), indicating substantial room for growth.
Token Burns Fueling BONK’s Bullish Outlook
In addition to growing trading volumes, token burns are playing a crucial role in driving up BONK’s value. BonkDAO, the decentralized organization behind BONK, has recently burned 100 billion tokens, and they have set an ambitious target of burning 1 trillion tokens by December, aiming to reduce the token’s circulating supply and create scarcity, a move that often results in price increases.
According to @iamkadense, 7.7 trillion BONK tokens have already been burned, and daily burns are ongoing, with over 2 billion BONK burned just yesterday. These tokens are being burned via applications within the Solana ecosystem that utilize BONK for various features. Notably, the upcoming BONKmas burn could potentially make a significant impact, with 1 trillion BONK tokens set to be burned during the holiday season.
Burning tokens involves sending them to an address that is not controlled by anyone, effectively removing them from circulation. This process reduces supply, which historically has been linked to price appreciation as scarcity increases.
The Growing Buzz Around BONK’s Future
With Coinbase and other exchanges seeing a significant uptick in BONK trading volumes, the memecoin is gaining attention from a wider audience. Despite the token’s creation in December 2022, following the FTX collapse, it has captured the imagination of the crypto community.
BONK’s market dynamics, coupled with a combination of memecoin fervor and strategic token burns, make it one of the most exciting memecoin plays of the current cycle. As DOGE and SHIB continue to dominate, BONK is carving out its own space in the Solana ecosystem, with an increasing number of traders viewing it as a top contender for the next parabolic rally.
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