BONK Surges 130% In The Past 12 days — It’s Still Worth Buying It?

Recent market fluctuations have seen meme coins on the Solana network rise unexpectedly, becoming standout performers amidst broader instability. Bonk (BONK) has seen a remarkable 130% increase over a 12-day period, closely followed by PEPE with a 109.8% gain.

This trend signals a shift in investor sentiment, with a growing preference for riskier assets as enthusiasm for Bitcoin diminishes. Among its peers, Bonk’s significant outperformance compared to other meme coins such as Dogwifhat (WIF) and Shiba Inu (SHIB) suggests increasing investor confidence in these more speculative digital assets.

BONK Can Hit Another All-Time High If Bitcoin And Ethereum Recovers Bullish Trend

In the midst of a general downturn in the crypto market, BONK, a meme coin based on the Solana blockchain, is bucking the trend with significant gains. Despite a global market cap decline to $2.37 trillion and a trading volume of $79.35 billion, the meme coin sector is showing signs of vitality, boasting a collective market cap of approximately $52.76 billion. Alongside KiboShib and SuperTrump, BONK ranks as one of the top performers in this niche.

After enduring a month-long price slump, BONK has recently rebounded, marking a substantial recovery. The resurgence began around April 20th, with the coin’s value at $0.0000148, escalating to a weekly high of $0.00002902. At present, BONK’s price stands at $0.00002545, reflecting a 71% increase. It now ranks 58th in market capitalization on CoinmarketCap, at $1.66 billion, showing a 5.52% rise, while its trading volume has surged by 27%, reaching $658.3 million.

This upward trajectory positions BONK just 45% below its all-time high, prompting analysts to speculate that it could soon hit the $0.000030 mark, potentially reaching new record levels if Bitcoin and Ethereum also recover. Conversely, should BONK lose its support level, the price could dip back down to $0.0000152, reversing its recent gains.

99.9% Of the Investors Supported The Massive Burn Of BONK Tokens

BONK DAO has recently decided to significantly reduce the number of BONK tokens in circulation, having announced plans to incinerate 78.393 trillion tokens following a community vote. This decision, publicized on April 18th, received overwhelming support from the community, with over 99.9% of votes favoring the token burn from a total of 418.625 billion votes cast.

This move is intended to boost the demand for the meme coin. The tokens to be burned are sourced from the treasury, accumulated via transactions facilitated by BONKbot, a Telegram-based trading bot launched by the organization last year.

BONK DAO has received a proposal to BURN ~280B BONK from its Treasury representing 100% of the BONK earned by BONK DAO from its revenue sharing agreement with BONKBot since launch.

— BONK DAO (@bonk_dao) April 17, 2024

BONK Price Analysis Predicts A Potential Bullish Breakout

The cryptocurrency BONK is currently exhibiting signs of a bullish trend, as indicated by its Moving Average Convergence Divergence (MACD) where the MACD line has surpassed the signal line. Moreover, its Relative Strength Index (RSI) is at 56, suggesting a moderately overbought condition. Despite these positive indicators, BONK is considered a risky investment, typical of meme coins, so a highly cautious approach is always needed.

The coin has established $0.000013 as a strong support level, based on its 200-day moving average, which should help stabilize its price in case of significant market downturns. Looking forward, BONK faces a resistance target at $0.000030, a level that could test the coin’s recent gains.

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