BONK Jumps 16% to Record Highs as Traders Eye Even More Gains Ahead

Low-unit bias, demand on Coinbase, frenzied community trading activity and BONK’s standing within the Solana ecosystem are positioning it for more growth ahead

Solana (SOL)-based memecoin BONK (BONK) continued higher into record highs Monday, surging over 16% to lead gains among majors and large cap memes.

The token, created in December by 22 developers from the Solana ecosystem, saw its price rise to $0.00000434 at last check, with $2.6 billion in 24-hour trading volume.

Among memecoins on Coinbase, BONK led 24-hour trading volumes at $384 million, outpacing dogecoin (DOGE), pepe (PEPE), shiba inu (SHIB) and dogwifhat (WIF) — a metric that could indicate a preference for the token among retail and institutional traders on the exchange.

Meme coins often see rapid price increases due to viral marketing, community enthusiasm, and speculative trading based mainly on narratives rather than having technical backing.

Bonk was created in the aftermath of the FTX exchange collapse with the intention of boosting activity and morale within the Solana community, as CoinDesk reported in early 2023.

Price chart data showed BONK had broken out from consolidation patterns, with a bounce off a triple bottom on its weekly chart against the SOL/USD trade pair, Bonk core contributor @iamkadense pointed out in an X post as part of a bullish thesis on the token.

The thesis is that SOL’s outperformance may drive attention to BONK as a beta bet on the broader ecosystem, a market behavior that often shows up during times of demand.

A triple bottom is a bullish chart pattern used in technical analysis characterized by three equal lows followed by a breakout above resistance.

Traders such as @theunipcs—who turned a $16,000 trader into over $18 million on Bonk and still holds the position—said the low unit bias, Coinbase trading volumes, and relatively low market cap compared to DOGE or SHIB added to BONK’s appeal for new traders.

“The last time we had the kind of retail influx and mania we're about to witness: $DOGE hit an ATH market cap of $90 billion and $SHIB hit an ATH market cap of $43 billion,” @theunipcs said in an X post. “$BONK currently has a market cap of $3.6 billion, which means that it is ridiculously undervalued compared to DOGE, SHIB, and PEPE right now.”

“This means there is A LOT of room to grow,” they added.

Elsewhere, interest in BONK boomed in Solana circles for a host of activities that intend to burn tokens from the circulating supply – a move that has historically contributed to higher prices.

BonkDAO, a decentralized group of bonk’s believers that maintains the token, recently burned 100 billion tokens from the circulating supply and targets a trillion token burn in December, which could potentially increase value due to scarcity.

Burns refer to the permanent removal of tokens from circulating supply by sending them to a crypto address that’s not controlled by anyone.

“7.7 Trillion $BONK has been burned and ongoing daily burns of a billy plus. Yesterday, BONKbot burned 2 billion $BONK and $BERN is burning $BONK rapidly again,” Bonk’s @iamkadense said in an X post. “100B just burned, 1 Trillion to be burned for BONKmas and may not stop there by the community.”

Tokens for those burns will originate from applications within the Solana ecosystem that utilize BONK for a feature or set of features.

Per tweets, these include burns for bets placed on Dragontail, Christmas cards sent using BONKmark, and trades placed on LiveBonk, among other applications specified by Bonk’s X account.

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