Solana’s BONK Sees Major Upswing, Nearly Doubling Dogwifhat’s Daily Trading Volume on Spot

Solana’s BONK saw a major upswing during the weekend, reaching a juicy three-month high of $0.000056 on Sunday evening.

Solana’s meme coin niche is witnessing intense competition, with new contenders emerging to challenge the dominance of Dogwifhat (WIF). Despite WIF leading the category with a market cap of $23 billion, Bonk Coin is putting up a strong fight.

According to data from CoinGecko, Bonk Coin is outperforming WIF in several key metrics. On Derivatives markets, Bonk’s Perpetuals contract is seeing higher demand than WIF, with a trading volume of $1.95 billion compared to WIF’s $1.91 billion. Additionally, Bonk is generating more volume on Spot, reaching $1.9 billion in 24 hours while WIF stands at $1 billion.

Over the past seven days, Bonk Coin has enjoyed a bullish run, notching gains of 88%. This momentum is being fueled by various initiatives, including the announcement of a 1 trillion Bonk token burning campaign by Bonk DAO.

The decentralized autonomous organization (DAO) has unveiled the first details of “BURNmas,” a campaign that will see tasks such as liking Bonk coin’s official media channels and burning tokens through the MoonWalk app contribute to the burn.

Solana meme coin enthusiasts are encouraged to participate in social media posts with the #LetsBONK hashtag to further accelerate the burn rate, which will continue until December 24th, 12:01 AM UTC.

The collective effort aims to burn a significant portion of Bonk’s total supply, which currently stands at 72.18 trillion tokens. At the time of writing, around 13.38% of the total supply has been burned.

This latest campaign follows a previous initiative that saw 500 billion Bonk tokens burned over seven days. The conclusion of “Mini Burnmas” brought the total supply burned to 11.3%, paving the way for the next phase of community engagement.

With Bonk Coin continuing to attract attention and community involvement, it remains to be seen how the competition in Solana’s meme coin niche will unfold in the coming weeks and months.