BONK Up 95% Over The Past Week: 'Deflationary Dog Money' Could Rival Shiba Inu's 2021 Rally, Says Veteran Trader

Dog-themed meme coin Bonk BONK/USD 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 WIF/USD to become the top meme coin on Solana SOL/USD 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 BONK/USD	$0.00005136	$3.9 Billion	-8.2%	+95.9%
Dogwifhat WIF/USD	$3.57	$3.6 Billion	-8.5%	+17.5%
Popcat POPCAT/USD	$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 SHIB/USD 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 DOGE/USD and SHIB, the only two meme coins to achieve market caps above $40 billion.

Widely-followed trader Pentoshi predicts price discovery for BONK.

$BONK trading like a robinhood listing is coming and price discovery awaits.

one of the better looking charts currently pic.twitter.com/HoOhjiUWNo

— 🐧 Pentoshi (@Pentosh1) November 16, 2024

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: 

• Bonk’s 18% Surge Eclipses Gains Of ‘Dogecoin Killer’ Shiba Inu: The ‘Mother Of All Rallies’ Still To Come, Predicts Millionaire Trader

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