Meme coin fight: BONK outperforms DOGE and SHIB amid 5,000,000,000,000 token burn

  • 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.

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. 

Subscribe to our daily newsletter!

          No spam, no lies, only insights. You can unsubscribe at any time.

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.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.

About Author

Abigal .V. is a cryptocurrency writer with over 4-years of writing experience. She focuses on news writing and is skilled in sourcing hot topics. She’s a fan of cryptocurrencies and NFTs.

Comments are closed.