BONK, the meme coin on Solana, is making news again as it rises 20% over the last 24 hours, fueled by a strong combination of token burn policies and increasing FOMO (Fear of Missing Out) amongst retail traders. What was once perceived as simply another meme token surfing the Dogecoin and Shiba Inu wave is now establishing itself as a more serious player in the crypto space.
This current rally witnesses BONK breaching major resistance levels, with bulls looking to claim the $0.00002728 level. The trading volume has shot through the roof, indicating a significant surge in investor interest. Token burns in recent times—through which circulating supply has been effectively cut down—have been cited by analysts as a primary force driving the price pump. As NFTs are destroyed, scarcity is increasing, and token value is keeping up with it, on a per unit basis.
The X (formerly Twitter) community for BONK has been buzzing, sharing price targets, meme posts, and on-chain data they believe shows an increase in network activity. As more traders pile in to catch the wave, FOMO seems to be playing a dominant part in fuelling BONK’s upward momentum.
Notably, BONK’s surge isn’t merely technical in nature. Its adoption in Solana-based DeFi applications and listings on large exchanges such as Binance have lent credibility, attracting even more eyeballs from institutional and retail traders alike.
While skeptics stay that meme coin rallies usually end with sharp corrections, BONK’s recent movement exhibits certain characteristics of intentional upside rather than hype. Whether this bounce is a precursor to a longer-term uptrend or a short-term blip remains to be seen—but for now, BONK is showing that meme coins can transition to momentum-based market participants.
