BONK surged 16% in 24 hours, leading gains among major memecoins with high trading volumes, notably $384 million on Coinbase. It outperformed established names like DOGE and SHIB, drawing significant retail and institutional interest. Technical analysis indicates BONK has broken out of a consolidation phase, showing potential growth as it is considered undervalued compared to its peers. A major factor contributing to this bullish sentiment is a planned burn of 1 trillion tokens, which aims to increase scarcity and value. Additional interest is buoyed by the recent performance of Bitcoin, further fueling the memecoin excitement. Traders point to BONK's relatively low market capitalization of $3.6 billion as an indicator of significant growth potential, referencing past market cap highs of DOGE and SHIB. BONK's community is actively implementing deflationary measures through ongoing token burns, contributing to heightened market dynamics and the potential for further price increases.

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