- BONK token price took support from the $0.000026 bullish point of interest.
- The volume-to-market capitalization ratio (VMR) has increased to 38.80%.
- Oscillators reflect a neutral perspective on the current trading phase.
Launched on December 25, 2022, Bonk (BONK) is the first dog-themed coin with the slogan “for the people, by the people” on the Solana network. 50% of the total cryptocurrency supply was airdropped to the Solana community. The initial launch of the BONK token led to an increase of 34% in 48 hours in the SOL token price. BONK relies on a unique combination of proof-of-history (PoH) and proof-of-stake (PoS) consensus mechanisms.
Bonk Price has Given a Year-to-date Return of 165%
Like IMX and GALA, the BONK meme coin price experienced a decline of 19.76% in January 2024. From a broader perspective, this may seem like a significant bullish correction. Consequently, the price has made a tremendous recovery in the last two months.
The maximum supply of the BONK tokens is set to 93 Trillion BONKs, which makes it a deflationary digital currency. At present, 65 Trillion BONKs are circulating in the market, which holds a market capitalization of $2.2 Billion.
662,607 people hold this token, of which a single account holds 12.37% of BONKs. The biggest holder has 11,565,843,089,690.383 BONKs with a total value of $357 Million.
Price to Volume and Social Dominance Analysis
The meme coin witnessed an attraction in social networks in December 2023. It dominated over 5% of the entire cryptocurrency social network. Now, the dominance has dropped to 0.59%, which is slowly vanishing.
Bonk price gained bullish momentum at the end of February 2024, along with the volume. The volume reached almost 2 Billion in early March, reflecting investors’ interest. Compared to the volume, the price is performing pretty stable.
However, the trading volume of this meme coin has increased by 135% in the last 24 hours. It ranked 23rd out of all the 9,059 active cryptocurrencies, reflecting the emerging interest of traders in the current trading phase.
Technical Analysis of the BONK Token Price
The price slips above the 50-day EMA on February 26, which has indicated a bullish trend. On the other side, the relative strength index (RSI) reflected a neutral perspective over the price in the current phase. It is moving 67.30 toward the upper band.
BONK price reached the resistance of $0.000047 on March 4. Afterward, it made a bullish correction on the $0.000026 decisional point of interest. In the last two trading sessions, bullish candles formed from the POI, reflecting strong buying pressure at that level.
Current price is trading at $0.000034, which broke above the $0.000034 short-term high. It can break above the $0.000047 resistance to make a new all-time high.
Summary
The Bonk price re-earned the trust of investors by reflecting since January 2024. It is the first dog-themed coin in the Solana network, which holds a bright future in web3. BONK crypto is trading near its all-time high price of $0.000047 and holds the potential for further upsurge.
Technical Levels
- Resistance Levels: $0.000047 and $0.000054
- Support Levels: $0.000025 and $0.000019
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.