After a 28% price increase, how the stock market cap WIF reversed

BONK has officially become the most valuable Solana meme coin by market capitalization, surpassing Dogwhiphat (YF) earlier today. This triumph follows the recent announcement by the BONK Decentralized Autonomous Organization (DAO) that it plans to burn 1 trillion tokens on Christmas Day.

While this strategic move helped fuel the turnaround, BONK's rate hikes contributed significantly to growth. But the question remains: can this meme coin take the newly found place?

Bonk defeated Dogwhiphat, becoming the most valuable Solana meme coin

Five days ago, BeenCrypto reported that BONK was the only Solana meme coin in the top 100 with a positive return. Although not the only one, it has made significant gains in the last 24 hours – up 28%.

This price increase ensured that Bonk's market cap was reversed to WIF's. At press time, BONK's market cap is $3.77 billion, while YFF's is $3.76 billion.

According to our findings, BONK DAO's announcement on November 15 that it plans to purchase 1 trillion tokens by December 25 contributed to the growth. Normally, sending tokens to a burned address removes them from circulation, effectively locking them up and making them unmarketable.

This process reduces the total supply, which can increase the scarcity of remaining tokens in circulation and increase their value.

Amid this growth, Bonk's social dominance rose to 1.52 percent. Social dominance measures how much attention one receives compared to others. A higher score indicates stronger community visibility, which indicates higher demand and participation in the market.

Low community dominance, on the flip side, indicates that there are few discussions about cryptocurrency. It is generally a carrier of low social dominance. Therefore, the increasing social dominance of meme coin suggests that Solana meme coin market value and value may continue to rise.

BONK Price Prediction: Uptrend is not over.

BONK price is currently hovering around $0.000050, supported by strong buying pressure. The daily chart shows a sharp rise in the Bull Bear Force (BBP) indicator, which measures the strength of buyers and sellers.

A decline in BBP indicates bearish dominance and potential price declines. However, in this case, the rising reading indicates that BONK bulls are gaining momentum, which could push the price higher.

If this trend continues, BONK price may rise to $0.000055. On the other hand, if MemCoin is overbought, its rise may stop, leading to a possible return to $0.000030.