
Meme coins are spearheading cryptoโs rally today, and Solana-based Bonk has shown the most strength, pumping 13% at the time of writing.
Letโs look at the factors behind the recovery and a new meme coin thatโs also showing bullish growth.
Bonk Overtakes Dogwifhat to Become Solanaโs Number 1 Meme Coin
Bonk has regained its crown as Solanaโs largest meme coin, overtaking Dogwifhatโs market cap with an explosive 13% surge.
The broader crypto market has rallied today, with the likes of Celestia, Sei, and Jupiter among the top gainers.
However, Bonk has significantly outperformed, led by a new treasury proposal to burn 84 billion tokens.
The planned token burn will decrease Bonkโs total supply, helping bolster its tokenomics.
This ignited a sharp rise in interest, with its price chart exhibiting a decisive upward trajectory today.
Currently, Bonk is trading at $0.00002651, leaving it 1% up over the past 7 days.
Thatโs significantly better than its Solana peer, Dogwifhat, which is down 25% this week and 36% this month at the time of writing.
Currently, BONK is valued at $1.77 billion, while WIF is valued at $1.72 billion.
This makes Bonk the fourth-largest meme coin, only behind Dogecoin, Shiba Inu, and Pepe.
And the market is bracing for further gains ahead.
TraderKoz highlighted Bonkโs โincredibly impressiveโ price action and underscored its resilience to the marketโs bearish momentum.
Meanwhile, SolanaMyth anticipates an explosive 3x price rally is on the horizon.
Based on the analystโs chart, Bonk will consolidate through July and then commence its next rally in August.
Unipcs attributes Bonkโs recent strength to its trading bot utility.
He underscores that the bot is generating โseven figuresโ in Bonk buying pressure monthly, which is providing a huge boon to its price action.
Indeed, having a utility-driven demand stream can benefit the Bonk price alongside its meme coin allure.
But Bonk is not the only meme coin that taking this utility-centric approach.
Another is the new presale Base Dawgz, and like Bonk, it has enjoyed significant success lately.
Could Base Dawgz be the Next Bonk? Excitement Builds as Meme Coin Presale Approaches $2.5M
While Bonk and Dogwifhat are facing off for Solanaโs top dog status, Base Dawgz is vying to become the face of meme coins on Base.
Market leader Brett has a $1.1 billion market cap, so thereโs significant room for growth if Base Dawgz accomplishes its mission.
The project offers utilities like a referral scheme and staking.
These two initiatives are community-focused, with the referral scheme bolstering its community growth potential and staking rewarding holders while improving $DAWGZโs tokenomics.
Another promising feature is multichain functionality. While the projectโs primary residence is Base, it is also available on Ethereum, Solana, BSC, and Avalanche.
Itโs a compelling juncture that equips Base Dawgz with massive room for growth.
Analysts have been quick to take note. Popular influencer ClayBro, for example, speculates $DAWGZ can 50x.
โYou could be looking at one of the best meme coins we have seen in a very long time,โ he said.
He continued, โPeople are talking about absolutely ridiculous gains, and I believe itโs possible.โ
The Base Dawgz presale is ongoing and has raised a whopping $2.3 million so far. It is currently priced at $0.00581, but this price will rise throughout the ICO.
The next increase is occurring today, so prospective investors should act quickly.
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