• BONK, a Solana-based memecoin, has outperformed both DOGE and SHIB in terms of YTD price gains.
• BONK surged as high as $0.000004 on Jan. 5, followed by a downward correction to $0.0000016 at present.
• The developers of BONK have also recently burnt 5 trillion tokens worth over $10 million.
The cryptocurrency market has been abuzz with the emergence of BONK, the newest memecoin in town. BONK, which is based on the Solana blockchain, has taken the memecoin market by storm and is rapidly expanding the memecoins ecosystem. The token has been performing remarkably well in terms of price gains, outperforming the leading memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) year-to-date (YTD).
The price of 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. Despite this, the token has still recorded an impressive YTD gain of 1000 percent.
In comparison, 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.
The BONK team has also recently carried out 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. The token burn is expected to further increase the price of BONK and strengthen the memecoin’s position in the market.
The BONK team has also been actively collaborating with numerous projects in the Solana ecosystem, including Serum and Raydium. The team has stated that it is working together across the ecosystem to make positive change for all of us. With the price surge, token burn and expansion into new networks, BONK is certainly proving to be a strong competitor to the leading memecoins.