TLDR
- BONK token price surged 25% after a proposal to burn 84 billion tokens
- Solana-based altcoins, including BONK, POPCAT, and WIF, show bullish trends
- BONK’s trading volume increased by 151.63% to $516.43 million
- POPCAT, inspired by BONK, has gained 15.07% in the past day
- WIF (Dogwifhat) added 3% to its portfolio with a market cap of $1.706 Billion
The cryptocurrency market is experiencing a bullish recovery, with Solana-based tokens leading the charge. Recent developments have sparked significant price movements and increased trading volumes for several altcoins on the Solana blockchain.
BONK
BONK, the popular meme coin on Solana, has seen a remarkable 25% price surge following a proposal to burn 84 billion tokens. This strategic move aims to reduce the token supply, potentially increasing its scarcity and value. The proposal has reshaped investor sentiment, driving BONK’s market capitalization up by 24.77% to $1.77 billion.
At the time of reporting, BONK was trading at $0.00002575, showing a notable recovery from earlier lows. The token’s trading volume surged by 151.63% to $516.43 million, indicating renewed investor interest.
This proposal follows a previous token burn in April when the BONK Decentralized Autonomous Organization (DAO) approved burning 278.39 trillion BONK tokens, receiving overwhelming community support with a 99.9% approval rate.
Technical indicators support the bullish momentum for BONK. The Money Flow Index (MFI) stands at 53.22, suggesting sustained positive sentiment. The Moving Average Convergence Divergence (MACD) also signals a strengthening bullish trend. With an RSI rating of 57, further upward movement is anticipated, potentially targeting $0.00003600.
POPCAT
Another Solana-based token gaining attention is POPCAT. Launched in 2023 with a circulating supply of 979,973,185 tokens, POPCAT takes inspiration from the BONK project.
This altcoin has jumped 15.07% in value within the past day. Despite a 14.69% correction over the past week, POPCAT has added 34.80% to its portfolio in the last 30 days and boasts a Year-to-Date (YTD) return of 5,903%.
WIF
Dogwifhat (WIF), the second most successful meme coin on the Solana chain, has also shown positive movement. With a market capitalization of $1.706 Billion, WIF has added approximately 3% to its portfolio within the past day, accompanied by a trading volume exceeding $626 Million. Currently trading at a 64.89% discount from its all-time high, WIF presents a potential buying opportunity for investors.
The Relative Strength Index (RSI) for WIF displays a bullish curve on its daily price chart. The average trendline suggests a potential positive crossover, indicating that the Dogwifhat price may continue to gain value in the coming week. If the bullish sentiment persists, WIF could test its upper resistance level of $3 in the upcoming weeks. However, bearish momentum could push the price towards its low of $1.240.
These developments in Solana-based tokens come as the broader Solana ecosystem experiences growth. The Solana price itself has jumped over 7% within the past day, suggesting a possible bullish run in the near future.
