Meme coin bonk surges 16% to record high...more than doubles DoZico

Solana-based meme coin Bonk surged 16% in one day, hitting a new all-time high, and some of it was burned to reduce circulation, so it is likely to rise further in the future.
CoinDesk, a cryptocurrency media company, reported on the 17th (local time). Bonk surged 16% in the past 24 hours, with trading volume reaching $2.6 billion (approximately 402 billion yen), driving the rise of meme stocks.
Recently, when Elon Musk's beloved coin Dozico soared following the election of Trump, related meme coins also soared in unison.
This has helped Bonk surge 103% in the past week, even more so than DoZicoin, which has risen 27% in the past week.
This brings its market capitalization to $39.1 billion, making it the 28th largest cryptocurrency by market capitalization. But more importantly, Bonk has the potential to rise even further.
The reason is that the circulation has been drastically reduced to allow for price increases. The Bonk issuer recently burned 100 billion tokens and plans to burn 1 trillion in December.
Meanwhile, Bonk was created in December 2022 by 22 Solana ecosystem developers, CoinDesk reported.