- BONK has outperformed SHIB and DOGE in percentage price gains year to date.
- The BONK team has also burnt 5 trillion BONK tokens and is rapidly expanding the memecoins ecosystem.
BONK, the newest viral memecoin in the cryptocurrency market, is proving to be a strong competition for leading memecoins Dogecoin (DOGE) and Shiba Inu (SHIB).
The Solana-based dog-themed token has outperformed the two market-leading memecoins in the last week per price data from CoinGecko. BONK opened the year 2023 at a price of $0.0000002 and surged as high as $0.000004 on Jan. 5. This marked gains of 1,900 percent in less than one week, signaling that the memecoin has built massive momentum, and poised to continue its bullish upclimb.
However, the surge was followed by a downward correction that has seen BONK drop to around $0.0000016 at present. Although, this is still about a 1000 percent gain in the year-to-date (YTD) timeframe.
In contrast, DOGE has recorded only a modest YTD gain of 9.02 percent. At press time, the biggest memecoin by market cap is trading at around $0.076, up 6.18 percent in the last 24 hours. SHIB’s is also up 8.66 percent YTD, and 4.95 percent on the day, trading at $0.0000089.
Amid the BONK price rise, the developers of the memecoin have carried a massive token burn. The team announced via its Twitter handle that it had burnt 5 trillion BONK tokens worth over $10 million. These tokens represent 5 percent of the circulating supply of BONK and were allocated to the team.
$BONK represents the best of Solana. Our community is working together across the ecosystem to make positive change for all of us.
The 5 Trillion $BONK tokens allocated to “The Team” have been burned. pic.twitter.com/g7w62sdKhb
— Bonk! (@bonk_inu) January 5, 2023
The team also shared the transaction ID of the burn to back the announcement with on-chain proof.
Can BONK overtake SHIB and DOGE?
Despite its recent meteoric rise and the limelight it currently enjoys, BONK still has a long way to go before it can measure up to DOGE and SHIB. The memecoin launched in December 2022 currently has an all-time high market capitalization of around $93.47 million. This places it as the 279th-ranked crypto by market cap.
Meanwhile, DOGE presently has a market cap of $10.6 billion. SHIB follows with a market cap of $5.24 billion. These OG memecoins also have well-established ecosystems and millions-strong communities backing them.
Nonetheless, BONK also has its limelight status going for it at present. The memecoin is rapidly expanding its ecosystem. In the past few weeks, the team has clinched several bullish partnerships and integrations.
The team has unveiled an elite list of Solana NFT artists that it is collaborating with to launch its NFT collection, the BONKz collection. OMNI Creative, the creative studio coordinating the collection, announced that upon its selling out, around $210,000 worth of BONK will be burnt.
BONK is also partnering with India-based Web3 short video-sharing social media platform Chingari. Chingari is launching a reward program worth 100 billion BONK exclusively for holders of its native GARI token and stakers, as well as Panda NFT holders. These moves could eventually establish BONK in the top echelons of memecoin ecosystems.
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