Solana-based memecoin BONK has attracted attention by reaching record levels with a 16% increase in the last 24 hours.
The surge comes amid new Bitcoin highs and a wave of memecoin listings on major platforms like Coinbase and Robinhood. BONK, which has reached $2.6 billion in trading volume, is leading the memecoin market alongside Dogecoin in renewed individual and institutional interest.
On Coinbase, BONK led the memecoin trading volumes, recording $384 million in activity, higher than established tokens like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Dogwifhat (WIF).
According to price chart data, the token’s price action has also broken out of a consolidation phase. BONK’s price has bounced off a “triple bottom” on its weekly chart against the SOL/USD trading pair, as noted by Bonk major contributor @iamkadense in a bullish analysis shared on X.
A “triple bottom” is a bullish technical chart pattern that occurs when a token forms three equal bottoms followed by a break above resistance. Analysts believe that SOL’s recent strong performance has drawn attention to BONK as a correlated “beta” move within the broader Solana ecosystem.
Interest in BONK is also increasing due to aggressive token burns that reduce supply and potentially increase prices. BonkDAO, a decentralized group of BONK supporters, recently burned 100 billion tokens from circulation and aims to burn 1 trillion in December.
“7.7 trillion BONK have been burned so far and over a billion tokens continue to be burned daily,” said Bonk core contributor @iamkadense. “A burn of 1 trillion is planned for BONKmas and the community can continue to burn beyond that.”
*This is not investment advice.