Bunker Mode
NEAR Protocol
Wormhole
Starknet
Quantus
Pudgy Penguins
Pons
- The current market capitalization of the BONK token has advanced 12.66% during the intraday session.
- The BONK/USDT pair has the highest liquidity on the Binance exchange.
- 24-hour trading volume of Bonk crypto has increased by over 30.84%.
“For the people, by the people,” Bonk (BONK) is a meme coin similar to Shiba Inu (SHIB) and Dogecoin (DOGE). It is the first dog-themed memecoin on the Solana blockchain, launched on December 25, 2022.
The developers behind Bonk mainly aim to bring liquidity back to Solana-based decentralized exchanges (DEXs). Bonk improves throughput and scalability by using a unique combination of proof of history (PoH) and proof of stake (PoS) consensus mechanisms.
BONK Token Valuation, Supply Changes & Holdings May 2024
The cryptocurrency’s maximum supply is capped at 100 trillion BONK tokens. 93.08 trillion tokens have been created to date, of which 65.19 trillion tokens are in current circulation.
The market capitalization for the current circulation supply is $1.70 billion, ranking 55th under the most dominant cryptocurrencies in the world.
The meme coin has a trading volume of over $516 million. It placed itself under the top 15 most influential cryptocurrencies in terms of trading volume. BONK token is reflecting higher volume on popular exchanges with a volume-to-market cap ratio of 30.69%
BONK token currently has 716,661 active token holders, of which the Binance 3 and Binance 2 wallets collectively own 8.22% of the circulation supply. Exchanges like Bybit also own 2.88% of the circulation supply.
Price to Volume and Social Dominance Analysis
According to the previous data and statistics, the meme coin is highly influenced by social dominance. The social upsurge in tweets across multiple media platforms plays an important role in influencing cryptocurrency prices, especially the meme coins. The rise in social tweets after Feb 20, 2024, has had a positive impact on price and volume. Bonk covered nearly 1% dominance across the crypto world. The price and volume have been reflecting a correlation with social rise. At present, social dominance is slowly increasing, impacting positively on the crypto price and trading volume.
Technical Analysis of the Bonk (BONK/USD)
The bullish outlook lies above the key exponential moving average. BONK price rebounded the 50-day EMA from the downside and took support on the EMA slope, indicating a bullish trend continuation.
BONK price has given a breakout from a major trendline that has been forming since March 5, 2024. The price broke above that trendline at the $0.000019 level and surged to the $0.000029 resistance.
The buyers are showing potential strength from the $0.000020 key level. BONK price can attain the $0.000034 mark if the price breaks the $0.000029 level.
The relative strength index (RSI) shows strong bullish momentum in the current phase, indicating bullish dominance. The RSI line is moving at 58.61 above the SMA line.
Summary
The Bonk crypto ended the bullish correction period on April 20, 2024. The meme coin has given a breakout from a major trendline at the $0.000019 key level. The current price is trading at $0.000025, moving upward. As far as the technicals are concerned, BONK price could make it to the $0.000034 mark if the price breaks the $0.000029 level.
Technical Levels
- Resistance Levels: $0.000029 and $0.000042
- Support Levels: $0.000019 and $0.000013
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
