Bonk on bonkers, hit all-time high
Bonk, the second-largest Solana meme coin by market valuation broke its May record by reaching a new high of $0.00005 on Sunday. It surged even higher, reaching a new all-time high above $0.000055.
Binance data highlighted that the meme token increased by 120 percent in the past week. The pump occurred after the project started a campaign to burn up to 1 trillion BONK by Christmas Day based on several engagement criteria, and encouraged fans and community members to finish social media tasks.
Burning tokens reduces the tokens, increasing scarcity and possibly raising the price. A few other recent meme coin fads also reached all-time highs.
BONK now listed on Binance America, also caused a huge spike in activity and excitement surrounding the coin.
An increase in trading volume during a price rally indicates strong market interest and conviction behind the price movement. More volume means more people are buying, which gives the upward trend more credibility.
This shows that market players are asking for the meme coin, which explains why BONK has risen by double digits in the past day.
The price’s double-digit rally over the past day has caused it to rise above the $0.00005 resistance.
Moo Deng (MOODENG), a Solana token inspired by the recently viral baby pygmy hippopotamus, hit a new high of $0.68 on Saturday. If this level is successfully broken, the meme coin may turn it into a support floor and move toward $0.00006 levels.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals