BONK Meme Coin Surges Nearly 30% Amid Bullish Sentiment
In an intriguing turn of events, aligning with the bullish sentiment prevailing within the broader crypto market, Bonk, a meme coin, gained significant traction across the global crypto realm as it surged nearly 30% today, February 29. This surge by the meme coin promptly garnered noteworthy attention as a Smart Moneyโs accumulation, pushing the price up, surfaced across the crypto horizon.
Insights unveiled by Lookonchain revealed a staggering 98 billion BONK acquired from Binance, one of the worldโs leading cryptocurrency exchanges. This accumulation appears to be primarily responsible for the bullish climate BONK painted today, nabbing the attention of crypto market traders and investors.
Derivatives data unveiled by Coinglass further hinted at an uptrend prevailing within the market, with investors portraying confidence in the asset. This birthed bullish sentiments for BONK, propelling market optimism for the meme coin.
Over the past seven days, following a sluggish performance till February 26, BONK gained a gradual upward momentum, until the above-mentioned whale accumulation finally pushed the price up substantially. BONKโs supply took a massive hit with this whale accumulation, resulting in the abovementioned pump.
Meanwhile, technical indicators portrayed a strong buying sentiment for BONK within the market as of press time. While itโs worth noting that further whale accumulations might push the prices up substantially, the current RSI hints at an overbought condition prevailing within the market, fueling additional speculations on BONK. This potentially paves the road for BONK to rally ahead, reaching a new ATH if whales continue accumulating further.
However, as the crucial resistance of $0.000024- $0.000028 nears, a close above it might impede the meme coinโs upward trajectory due to a crushing inclination to sell the asset. Nonetheless, a maintained close above the mark potentially carves out the path for further pumps.
With the upcoming Bitcoin halving birthing a bullish sentiment among crypto market traders and investors, scaling of a new ATH potentially looms for BONK, as it could soar alongside other altcoins. Further, if market bulls wish to pump the coin further, avoiding the temptation to sell at the earliest profit sign remains crucial.
BONK Price Rallies
As of writing, the BONK price noted an uptick of a whopping 30.23% over the past 24 hours and is currently trading at $0.0000214. The meme coin birthed immense market optimism with a weekly surge of 76.92%.
Derivatives data unveiled by the tracker Coinglass further hinted at an uptrend in the market, mirroring BONKโs pump. The open interest rose 27.10%, reaching $9.40 million, whereas volume surged 139.72%, reaching $269.43 million. This signaled substantial new money entering the market, with burgeoning market activity.
Additionally, the OI-weighted funding rate also surged phenomenally, currently resting at 0.1021%. This indicated a sense of readiness among traders to invest more in maintaining long positions in BONK, adding up to the bullish climate painted by the meme coin.
Aligning with this bullishness, crypto market enthusiasts expect to see bolstered prices ahead with continued whale accumulations as a strong buying sentiment prevails. However, traders and investors may witness a flipside if a selling pressure at or above the resistance takes over.
Hot Take: BONK Rides the Bullish Wave
In an unexpected turn of events, Bonk, the meme coin, experienced a significant surge of nearly 30% in line with the bullish sentiment prevailing in the broader crypto market. This surge attracted attention as Smart Money accumulated a staggering 98 billion BONK from Binance, indicating a positive climate for the meme coin. Derivatives data also pointed towards an uptrend, further fueling market optimism for BONK.
Navigating this unexpected surge, BONK witnessed gradual upward momentum over the past week until the whale accumulation pushed prices up substantially. Technical indicators showcased a strong buying sentiment, but an overbought condition raised speculations about BONKโs future. As the resistance levels near, there is a possibility of impeding the meme coinโs upward trajectory. However, if BONK maintains its position above these levels, it could pave the way for further pumps.
The price of BONK surged by 30.23% in the past 24 hours, trading at $0.0000214 and generating immense market optimism with a weekly surge of 76.92%. Coinglassโs derivatives data mirrored this trend, with increased open interest and volume indicating new money entering the market. The OI-weighted funding rate also surged, signifying tradersโ readiness to maintain long positions in BONK.
With continued whale accumulations and a bullish sentiment prevailing among crypto market enthusiasts due to the upcoming Bitcoin halving event, BONK has the potential to reach new all-time highs alongside other altcoins. However, it is crucial for traders and investors to resist selling at the first sign of profit to maximize gains.
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