BONK rockets 109% on ETF speculation and token burn buzz, outperforming a stagnant crypto market with soaring volume and whale activity.
The cryptocurrency market rally is diminishing. On July 14, Bitcoin (BTC) reached a new all-time peak of $122,838; however, it has since declined to $117,000. The daily charts indicate that most other assets follow BTC’s trajectory.
Nevertheless, Bonk (BONK) remains in the green zone on a global scale. The memecoin has experienced a 10.4% increase in the daily charts, a 26.9% increase in the weekly charts, a 109.7% increase in the 14-day charts, and a 96.9% increase over the previous month. Additionally, the coin’s value has increased by 20.5% since July 2024.
BONK has not yet experienced a decline, whereas other assets are currently experiencing a decline. The performance pivoting from the broader market may be influenced by the project’s “memecoin” status.
Memecoins are subject to significant speculation. The price fluctuations of meme tokens are significantly influenced by online chatter.
The team’s announcement of a 1 trillion token fire when the asset reaches 1 million holders is likely the reason for BONK’s rally. Many have concluded that the coin’s price will experience a significant increase as a result of the move.
The total number of tokens in circulation on BONK is approximately 77 trillion. The supply will be approximately 76 trillion if one trillion is removed. The figure remains substantial. The price increase may be more significant than the burn due to the hoopla surrounding it.
