- The BONK crypto has given massive returns of 5256% in the last 1 year.
- The token is built on the Solana platform.
BONK is a community-driven cryptocurrency within the Solana ecosystem, focusing on NFTs, DeFi, and gaming. Created by Dexlab, it emphasizes decentralization and community involvement.
BONK serves as a governance token, enabling voting and community rewards. With wide integration across blockchains, it aims for broad adoption, supported by long-term incentives and ecosystem development.
The volatility of the Bonk token is extremely high, resulting in 30.00%, and the supply inflation of the token is also high. The sentient of the token is extremely bullish, and its market cap has increased by 57.4% in the previous 24 hours.
The trading volume has also advanced by 98.18%, resulting in a traded volume of $1.13B within the last 24 hours. This cryptocurrency’s market cap value is $2.25B, which makes it the 49th largest cryptocurrency in the global cryptocurrency market.
The volume/market cap ratio of the Bonk token is 50.22%, and its derivatives volume has advanced by 116%. Furthermore, the open interest has witnessed an advance of 109% in the last 24 hours.
The short liquidation for the crypto is much higher than the long liquidation followed by the last 24 hours, which indicates buyers dominance. Furthermore, the long liquidation for the token is worth $608.59K against the short liquidation of $1.02M.
Bonk Token Supply Overview
The total supply of the Bonk token is 93.53T BONK, and its max supply is also the same. Moreover, the fully diluted market cap of the crypto is $3.22B, and the circulating supply of the crypto is 65.19T BONK.
The total value locked for the crypto is $4.98M, and the fear and greed index of the token indicates extreme greed at 82, as per CoinCodex.
Technical Analysis of the BONK Crypto
The BONK crypto price on the weekly charts can be seen following a solid bullish move and has broken out above the descending triangle pattern. Since the breakout, the token’s price has advanced by more than 150%.
Strong bullish candles on the weekly chart of the BONK crypto can be seen, followed by a strong surge in volume. The mentioned behavior of the price indicates the dominance of buyers and a genuine uptrend in token price.
BONK/USD Chart by TradingView
The crucial trend following indicators like the moving averages on the 4-H chart of the token are giving a buy signal and indicating a strong bullish trend.
EMAs such as the 20, 50, and 200-day are trading in a golden crossover followed by faster EMAs trading above the slower EMAs. The price of the token is also trading above the following EMAs.
The MACD is also giving a strong buy signal as the MACD and the signal line have formed a bullish crossover above the zero level of the indicator on the 4H chart. The bullish histograms on the chart are also advancing with the further candlestick formation on the chart.
The RSI has broken above the 14-day SMA line and has reached the overbought zones. Further ahead, the RSI is following a bullish cycle on the charts, which indicates bullish momentum in the crypto price.
Summary
BONK crypto demonstrates a remarkable 5256% return in the last year, built on Solana for NFTs, DeFi, and gaming. With extreme bullish sentiment and a 57.4% market cap surge, it reflects strong investor interest. Technical analysis shows a breakout from a descending triangle pattern, supported by bullish indicators like EMAs, MACD, and RSI, suggesting continued upward momentum.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.