- The continued rally may need been spurred by an enormous token burn program.
- Most discussions across the meme coin on social media had been constructive.
Bonk [BONK], the primary dog-themed memecoin on the Solana [SOL] community, continued to defy the broader market pullback. In line with CoinMarketCap, the crypto lifted 12% within the final 24 hours, turning into the second-highest gainer out there.
Furthermore, It was the perfect performing asset over the past week, recording positive factors greater than 83%.
The hypothesis has resulted in a pointy improve in day by day buying and selling volumes, hitting ranges final seen greater than a month in the past, AMBCrypto famous utilizing Santiment’s information.


Supply: CoinMarketCap
What’s driving BONK?
The continued rally may need been spurred by a proposal by the BONK DAO to burn almost 280 billion BONK tokens from its treasury, and its subsequent passage.
Token burning has grow to be one of the vital sought-after occasions within the crypto trade over the 12 months. A number of tasks search for methods to use deflationary strain on the coin by completely eradicating a portion of its provide.
Anticipating a worth improve for BONK because of the provide shock, many customers may need been tempted to seize the coin.
Market optimistic about BONK
The optimism was additionally obvious in the way in which the futures merchants had been betting on BONK. The variety of merchants longing the coin rose sharply over the week, and exceeded the variety of shorts as of this writing, as per AMBCrypto’s evaluation of Coinglass’ information.


Supply: Coinglass
Sensible or not, right here’s BONK’s market cap in BTC’s phrases
BONK’s pump additionally made it a speaking level in a number of the prime crypto-focused social channels, together with those on Telegram, Reddit, and Discord.
A lot of the discussions on these boards had been optimistic on the coin’s prospects, as defined by the constructive weighted sentiment indicator.


Supply: Santiment