The Rise of Bonk (BONK) Coin: Social Activity Doubles
The meme coin Bonk (BONK), built on the Solana blockchain, has experienced a significant surge in social activity, making it the top gainer among the top 100 cryptocurrencies. In the past 24 hours, BONK’s price has increased by 26%, reaching $0.0000127. This rally has propelled Bonk’s market cap above $800 million, positioning it as the 81st-largest crypto asset.
Increased Trading Volume and Social Activity
BONK’s daily trading volume has soared by 160% to $326 million. Notably, Binance accounts for 36.2% of this trading volume with the USDT trading pair. Despite the recent rally, Bonk is still down by 63% from its all-time high in December 2023.
Social Volume Surge and Potential Price Rally
Data from Santiment reveals that Bonk’s social volume has experienced a remarkable 97% increase in the past day, primarily driven by activity on Telegram and X. Additionally, Bonk may witness further price growth as its Relative Strength Index (RSI) currently stands at 32, indicating limited selling pressure. To maintain a bullish stance, the RSI should remain below the 50 mark.
OKX Listing Contributes to Rally
Another factor behind Bonk’s recent surge could be its listing on OKX. The Seychelles-based crypto exchange announced the inclusion of BONK and Jito (JTO) on its spot trading platform, with withdrawals commencing on January 9.
Hot Take: Bonk Gains Momentum with Increased Social Activity and Market Cap Surge
The Solana-based meme coin Bonk (BONK) has experienced a significant boost in both social activity and market capitalization. With its price surging by 26% in the past 24 hours, Bonk has emerged as the top gainer among the top 100 cryptocurrencies. The rally has propelled Bonk’s market cap above $800 million, positioning it as the 81st-largest crypto asset. Additionally, Bonk’s trading volume has increased by 160%, reaching $326 million. The surge in social activity, primarily driven by Telegram and X, indicates growing interest in the coin. Furthermore, with an RSI of 32, Bonk may continue its price rally with limited selling pressure. Its recent listing on OKX further contributes to its momentum.
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