BONK Overtakes WIF as Solana's Top Memecoin by Market Cap as BONK DAO Votes to Burn $2.2M Worth of Tokens

In the past seven days, the price of BONK has jumped 20% to reach a market cap of $1.73 billion, while WIF has seen its price slump 11.2%, shrinking its market cap to $1.63 billion in the same time period, data from CoinGecko shows.

Solana dog-inspired memecoins, BONK (BONK) and WIF (WIF), have been duking it out for the title of most valuable memecoin on Solana. But in a surprising turn of events, BONK has managed to snatch the crown from WIF.

According to data from CoinGecko, over the past seven days, BONK’s price has surged by 20%, bringing its market cap to $1.73 billion. Meanwhile, WIF’s price has taken a hit, decreasing by 11.2%, shrinking its market cap to $1.63 billion during the same period.

Despite having comparable market caps, a closer look at the two tokens reveals a striking difference. According to blockchain explorer Solscan, BONK boasts an impressive 741,352 holders, while WIF has significantly fewer, with only 163,683 holders.

This vast disparity in holders could be attributed to several factors, including the timing of each token’s launch, its community engagement efforts, and the overall interest and demand among Solana users and enthusiasts.

In another interesting development, BONK DAO, which manages a treasury valued at nearly $299 million, is currently voting on a proposal to burn almost $2.2 million worth of BONK.

According to the ongoing vote, which started two days ago, “BONK DAO is proposing to a BURN of 83,917,950,070 BONK from its Treasury representing 100% of the BONK earned by BONK DAO from its revenue sharing agreement with BONKBot in Q2.” If passed, the proposal will trigger instructions to initiate the burn.

Solana-based trading bot application BONKBot, which allows users to trade various cryptocurrencies on their mobile devices, has a Dune Analytics dashboard created by onchain data analyst @Whale_Hunter. According to the dashboard, a total of 384,000 users have been attracted by BONKBot in its lifetime, and it has generated over $7 billion in trading volume.

One wallet address that voted in favor of the proposal within the last hour commented, “Burning 84 billion tokens will skyrocket the value of the remaining token[s], driving demand, and benefiting all holders.”

Together, BONK and WIF, with a combined market cap of nearly $3.4 billion, account for approximately 7.6% of the total market cap of all memecoins.

According to a recent Unchained analysis, dog-inspired memecoins, such as DOGE and SHIB, still dominate the memecoin landscape, together making up over 56% of the total memecoin market cap, which now stands at over $44.79 billion, or about 2% of crypto’s total market cap of $2.2 trillion, as reported by CoinGecko.