BONK achieved its all-time high of $0.00005627 per coin yesterday and has surpassed WIF (dogwifhat) to become the most valuable meme coin in Solana. The market capitalization of BONK went to 3.86 billion dollars, surpassing the $3.62 billion of WIF.
A major reason for this surge is the anticipation regarding the upcoming 1 trillion token burn of BONK. The burning event is expected to happen by Christmas, assuring scarcity in the long run.
How The 1 Trillion Token Burn Will Influence BONK’s Price?
Burning 1 trillion tokens has a huge impact as news because it will be the biggest burn in crypto’s history. Also, this will decrease the supply of the coins drastically and the demand will grow slowly in the next quarter.
- The Hype of Burning: This short-term price surge is mainly because of the hype generated by the information regarding the upcoming burn. So, most probably the coin will fade into a dip after the burning event. As an uptrend driven by FOMO and community engagement, this will not be sustained for long, but the downtrend that is expected after Christmas will be an opportunity for long-term traders.
- On-Chain After Effects: The burn will create a long-term effect on BONK. As a coin with a 75.04 trillion circulating supply, the burn will cut down 1.3% from its allocation, igniting potential demand over time. This will definitely benefit the long-term hodlers. However, please note that doing your own research before making any investment decisions is mandatory in a highly volatile market like crypto.
BONK & WIF Token Comparison
WIF was the topmost meme coin in the Solana ecosystem for a long, and the healthy competition between BONK and WIF helped the network as a whole. The major difference between both is in the total supply of the coins. With trillions of coins in supply, BONK’s current burn will not have a huge impact on the demand. At the same time, WIF didn’t even have a 1 billion total supply. Here is a table that shows the basic details of both coins:
| Particulars | BONK | WIF |
| Market Cap | $3.86 Billion | $3.62 Billion |
| 24-hour Volume (18 Nov 2024) | $1.95 Billion | $952.07 Million |
| Total Supply | 92.71 Trillion BONK | 998.84 Millon WIF |
| Contract Address | DezXAZ8z7PnrnRJjz3wXBoRgixCa6xjnB7YaB1pPB263 | EKpQGSJtjMFqKZ9KQanSqYXRcF8fBopzLHYxdM65zcjm |
Top 10 Solana-based Coins According to Market Capitalization
Here are the top 10 cryptos in the Solana ecosystem. As usual, USDT is in the first place. Beyond WIF and BONK, the POPCAT is also on the list, signifying the power of meme-based coins. This is sorted according to the market capitalization that is highly volatilize. So sudden changes may occur in the positions.
- Tether USDT ($127.5 B): As the most popular stablecoin in the crypto environment, USDT is used by almost all prominent web3 networks. Launched in 2014, it is the first-ever stablecoin.
- Solana SOL ($115.8 B): Solana is popular for its scalability, where it can process up to 65,000 transactions per second. Launched in 2020, it became an instant success, attracting various DeFi, NFT, memecoin, and dApps projects.
- USDC ($37.12 B): Similar to USDT, this is a stablecoin issued by Circle Internet Financial, LLC. Deployed in 2018, the coin is very popular among institutional investors.
- Chainlink LINK ($9.12 B): As a decentralized Oracle network, Chainlink can integrate smart contracts into real-world assets. Introduced in 2017, it followed a similar pattern to Ethereum, expanding its use cases offline.
- RENDER ($3.99 B): As the name indicates, Render Network provides GPU-based rendering solutions. It works as a broker that connects people who require rendering power to the people who are willing to monetize their rendering power.
- BONK ($3.86 B): As we said above, it is a meme coin built on Solana.
- Dogwifhat WIF ($3.62 B): As we said above, it is another meme coin built on Solana. The engagement from its passionate community signals that it will surpass BONK again soon.
- The Graph GRT ($1.81 B): The Graph helps the developers to access and integrate the blockchain data effortlessly. As a mandatory part in building sustainable web3-based applications, GRT got instant popularity after its release in 2020.
- POPCAT ($1.81 B): The third meme coin in the top 10 Solana-based coins. Launched in 2023, it is a community-driven meme coin with gaming and DeFi elements integrated into its network.
- Raydium RAY ($1.69 B): Raydium is a decentralized exchange (DEX) that also provides staking options and liquidity provisions. It has been around the web3 environment for 3 years and has huge support from its growing number of active users.