BONK and WIF, with a combined market cap of nearly $3.4 billion, make up nearly 7.6% of the total market cap of all memecoins.
BONK initially lost its position as the most valuable coin in the Solana ecosystem in March, a few months after Dogwifhat emerged.
(Shutterstock/Judith RS)
Posted on July 10, 2024 at 5:59 PM EST.
In the past seven days, BONK’s price has jumped 20% to a market cap of $1.73 billion, while Wave Bitcoin saw its price drop by 11.2%, shrinking its market cap to $1.63 billion in the same time period, according to CoinGecko data. Despite having similar market caps, BONK has 741,352 Pregnant compared to 163,683 from WIFas shown by the Solscan blockchain explorer.
BONK’s overtaking of WIF in market cap comes as the BONK DAO, which manages a treasury worth around $299 million, is currently voting to burn around $2.2 million worth of BONK. According to the ongoing vote, I started Two days ago, “BONK DAO proposed to burn 83,917,950,070 BONK from its treasury, representing 100% of the BONK that BONK DAO received from its revenue sharing agreement with BONKBot in Q2.” If the proposal passes, it will trigger instructions to begin the burn.
BONKBot is a Solana-based trading bot app within the popular messaging platform Telegram that allows users to trade various cryptocurrencies such as memecoins on their mobile devices. Dune Analytics Dashboard creature According to onchain data analyst @Whale_Hunter, BONKBot has generated over $7 billion in trading volume and attracted around 384,000 users since its inception.
Read more: Over 15% of Crypto.com’s token reserves come from Memecoins
“Burning 84 billion tokens will significantly increase the value of the remaining tokens,” wrote one of the wallets that voted for the proposal in the past hour.[s]”This is done by enhancing demand and achieving benefits for all shareholders.”
Timeline of Dog-Inspired Memecoins
With a total market cap of around $3.4 billion, BONK and WIF make up roughly 7.6% of the total market cap of all memecoins.
BONK first appeared in December 2022 shortly after the collapse of centralized exchange FTX, whose founder Sam Bankman-Fried had close ties to Solana. The token was launched to address how “Solana has been a victim of predatory venture capital tokens exploiting the broader Solana community,” according to BONK’s whitepaper. States.
Since its introduction, BONK has played a pivotal role in improving community sentiment around Solana, and by December 2023, BONK was helping Solana’s mobile Saga. already sold In the US, this was partly because every device had a BONK allowance, which at the time was worth more than the price of the phone itself.
BONK’s market cap surpassed $191 million at the time of WIF’s launch in November 2023, almost a year after BONK began trading. By March 11, 2024, WIF’s market cap had reached $2.09 billion, surpassing BONK’s $2.02 billion, helping WIF claim the title of most valuable memecoin on Solana. WIF remained in the lead until Wednesday.
The market cap of all memecoins is over $44.79 billion, which is roughly 2% of the total cryptocurrency market cap. $2.2 trillionaccording to CoinGecko.