BONK Up 95% Over The Past Week: ‘Deflationary Dog Money’ Could Rival Shiba Inu’s 2021 Rally, Says Veteran Trader
By Benzinga
Dog-themed meme coin Bonk (CRYPTO: BONK) is continuing its rally, which is starting to draw comparisons to the iconic 2021 meme coin rallies of its canine-themed rivals.
What Happened: Bonk surged 90% in the past week, surpassing Dogwifhat (CRYPTO: WIF) to become the top meme coin on Solana (CRYPTO: SOL) by market valuation.
BONK also leads trading volume among Solana memes, recording $2 billion in activity.
Trading application BONKBot reported burning 1.5 billion BONK in the last 24 hours, bringing total burns to 502.9 billion tokens worth approximately $19 million.
Trader Kadense highlighted that 7.7 trillion BONK tokens have been burned so far, with 1 trillion more expected by Christmas, solidifying BONK as “Deflationary Dog Money.”
| Cryptocurrency | Price | Market Cap | 24-Hour Trend | 7-Day Trend |
| Bonk (CRYPTO: BONK) | $0.00005136 | $3.9 Billion | -8.2% | +95.9% |
| Dogwifhat (CRYPTO: WIF) | $3.57 | $3.6 Billion | -8.5% | +17.5% |
| Popcat (CRYPTO: POPCAT) | $1.79 | $1.8 Billion | -11.1% | +12.5% |
Trader Notes: Veteran meme coin trader Unipcs on X compared BONK’s setup to Shiba Inu (CRYPTO: SHIB) during its last cycle, suggesting BONK could follow a similar rally trajectory.
He noted BONK shares key factors with SHIB, including unit bias, debuting on a major retail exchange, and having completed an initial pump where heavy bag holders exited. These factors, he argued, pave the way for an aggressive upward move.
Unipcs emphasized BONK’s appeal as a dog-themed meme coin, which aligns with the success of Dogecoin (CRYPTO: DOGE) and SHIB, the only two meme coins to achieve market caps above $40 billion.
Widely-followed trader Pentoshi predicts price discovery for BONK.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
Image: Shutterstock
