Solana’s Memecoin BONK Reaches $1.6 Billion Market Cap, Witnesses Explosive 100% Price Rally
01 March 2024 - 7:00AM
NEWSBTC
Solana (SOL) has reached a new 22-month high, demonstrating a
remarkable 28% uptrend over the past month. However, the
Solana-based meme coin, Bonk Inu (BONK), has captured investors’
attention with its explosive performance last month. Bonk Inu
Outperforms PEPE According to CoinGecko data, BONK has achieved a
staggering 102% price uptrend in the last 7 days and an impressive
103% increase in the past month, reaching a trading price of
$0.00002510 and attaining a 3-month high. In addition, the
meme coin has experienced significant growth in market
capitalization, reaching $1.6 billion and surpassing renowned
tokens such as Pepe Coin (PEPE) to secure the 66th position among
all cryptocurrencies, highlighting the growing interest in BONK as
the cryptocurrency market experiences a resurgence of bullish
sentiment fueled by Bitcoin’s (BTC) price uptrend. Related Reading:
Ethereum Bulls Get Aggressive As Traders Set Sights on $4,000 Amid
Market Frenzy Accumulating data from blockchain company Lookonchain
shows the growing interest in Bonk Inu. In addition to the 50%
increase in a single day, one wallet reportedly accumulated 98
billion BONK ($1.54 million) from the centralized crypto exchange
(CEX) Binance just before the price increase. According to
Lookonchain, the SmartMoney wallet currently holds 319.44 billion
BONK tokens worth approximately $7 million, enjoying a profit of
$2.9 million, which could have further contributed to the price
surge in the past 24 hours. As of the latest update, the
trading volume of Bonk Inu stands at $794,842,219 in the last 24
hours, demonstrating a substantial 74.30% increase compared to the
previous day. This surge in trading volume indicates a recent rise
in market activity surrounding the meme coin, reflecting growing
investor participation and attention. Potential Pullback
Ahead? As the token enjoys one of its best trading months
since its launch, crypto analyst Altcoin Sherpa expressed positive
sentiment towards Bonk Inu, highlighting its potential for further
growth. Altcoin Sherpa stated that Bonk Inu looks promising
due to its relative underperformance compared to other meme coins,
coupled with a notable uptrend pattern. The analyst wouldn’t be
surprised to see Bonk Inu target previous highs and make further
gains, although he suggested that a potential pullback may occur.
Related Reading: Bitcoin MVRV Hits Levels That Led To Parabolic
Bull Run In 2020 As the analyst suggests, the $0.00001940 price
level may serve as a crucial support level for the BONK token in
the event of a potential pullback or price correction. This level
is significant as it would help maintain the current uptrend
pattern observed on its daily chart. However, suppose this
support level fails to hold. In that case, it’s possible that BONK
could see a further price decline towards the $0.00001500 level,
which acts as the ultimate support before a potential drop to the
$0.00001350 mark, key for the token’s prospects as it represents
the last line of defense to prevent a fully formed downtrend in the
cryptocurrency’s performance. On the other hand, when analyzing the
BONK/USD 1-W chart, it is important to note that there are no
prominent resistance levels. The chart above shows thin lines known
as “wicks” above the candlesticks of the token since its launch on
December 15th. This suggests that no significant obstacles
prevent the token from reaching its all-time high of $0.0005487.
The ability to maintain its current uptrend or potentially
experience renewed bullish sentiment after a pullback will
determine whether BONK can surpass this previous high. Featured
image from Shutterstock, chart from TradingView.com
Solana (COIN:SOLUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Solana (COIN:SOLUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024