Meme coins are spearheading crypto’s rally today, and Solana-based Bonk has shown the most strength, pumping 13% at the time of writing.
Let’s look at the factors behind the recovery and a new meme coin that’s also showing bullish growth.
Bonk Overtakes Dogwifhat to Become Solana’s Number 1 Meme Coin
Bonk has regained its crown as Solana’s largest meme coin, overtaking Dogwifhat’s market cap with an explosive 13% surge.
The broader crypto market has rallied today, with the likes of Celestia, Sei, and Jupiter among the top gainers.
However, Bonk has significantly outperformed, led by a new treasury proposal to burn 84 billion tokens.
BONK DAO has received a proposal to BURN ~84B BONK from its Treasury representing the Q2 amount of BONK sent to the DAO from BONKBot.
All BONK locked on BonkRewards is now able to vote on community proposals.
Voting:https://t.co/akvJAfpCcM
— BONK DAO (@bonk_dao) July 8, 2024
The planned token burn will decrease Bonk’s total supply, helping bolster its tokenomics.
This ignited a sharp rise in interest, with its price chart exhibiting a decisive upward trajectory today.
Currently, Bonk is trading at $0.00002651, leaving it 1% up over the past 7 days.
That’s significantly better than its Solana peer, Dogwifhat, which is down 25% this week and 36% this month at the time of writing.
Currently, BONK is valued at $1.77 billion, while WIF is valued at $1.72 billion.
This makes Bonk the fourth-largest meme coin, only behind Dogecoin, Shiba Inu, and Pepe.
And the market is bracing for further gains ahead.
TraderKoz highlighted Bonk’s “incredibly impressive” price action and underscored its resilience to the market’s bearish momentum.
$BONK continues to be incredibly impressive
Not many coins trading at the same price that they were 3 weeks or so ago. Holding May’s low very well still. pic.twitter.com/o8GfRmg6ze
— TraderKoz (@TraderKoz) July 8, 2024
Meanwhile, SolanaMyth anticipates an explosive 3x price rally is on the horizon.
Based on the analyst’s chart, Bonk will consolidate through July and then commence its next rally in August.
Unipcs attributes Bonk’s recent strength to its trading bot utility.
He underscores that the bot is generating “seven figures” in Bonk buying pressure monthly, which is providing a huge boon to its price action.
many are starting to notice the incredible strength $BONK keeps displaying through the recent market bloodbaths
say what you will about ‘utility in memecoins’
but fading 7 figures in monthly $bonk buy pressure coming from BonkBot is stupid
things will only get interesting IMO pic.twitter.com/Jd6tNVi5T8
— Unipcs (aka ‘Bonk Guy’) 🎒 (@theunipcs) July 8, 2024
Indeed, having a utility-driven demand stream can benefit the Bonk price alongside its meme coin allure.
But Bonk is not the only meme coin that taking this utility-centric approach.
Another is the new presale Base Dawgz, and like Bonk, it has enjoyed significant success lately.
Could Base Dawgz be the Next Bonk? Excitement Builds as Meme Coin Presale Approaches $2.5M
While Bonk and Dogwifhat are facing off for Solana’s top dog status, Base Dawgz is vying to become the face of meme coins on Base.
Market leader Brett has a $1.1 billion market cap, so there’s significant room for growth if Base Dawgz accomplishes its mission.
The project offers utilities like a referral scheme and staking.
These two initiatives are community-focused, with the referral scheme bolstering its community growth potential and staking rewarding holders while improving $DAWGZ’s tokenomics.
Another promising feature is multichain functionality. While the project’s primary residence is Base, it is also available on Ethereum, Solana, BSC, and Avalanche.
It’s a compelling juncture that equips Base Dawgz with massive room for growth.
Analysts have been quick to take note. Popular influencer ClayBro, for example, speculates $DAWGZ can 50x.
“You could be looking at one of the best meme coins we have seen in a very long time,” he said.
He continued, “People are talking about absolutely ridiculous gains, and I believe it’s possible.”
The Base Dawgz presale is ongoing and has raised a whopping $2.3 million so far. It is currently priced at $0.00581, but this price will rise throughout the ICO.
The next increase is occurring today, so prospective investors should act quickly.
Visit Base Dawgz Presale
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