- After a massive hike in value, the price of BONK plunged by over 20% in the last 24 hours. Is the bear taking over?
Bonk [BONK] has showcased a noteworthy performance over the last month as its price rallied by over 600%.
Thanks to the uptick, BONK earned a spot in the list of the top 100 cryptos by market capitalization.
However, things have now started to change as the token shed its value in double-digits in the last 24 hours alone.
Whales and traders started to sell BONK soon after the Binance listing. Market indicators looked bearish, suggesting a further drop in price.
A Glance into BONK’s Journey
The new meme coin’s price action remained irrelevant for a long period of time before it took off at the beginning of December.
As reported by Bitcoinworld, the price hike was to such an extent that its value surpassed Shiba Inu’s [SHIB], which is the second largest meme coin.
Most of this can be attributed to Binance listing BONK, which ignited interest among investors, causing a massive hike in buying pressure.
Amidst this, Token Unlocks recently posted a tweet revealing BONK’s token allocation. As per the tweet, 64.7 trillion BONK tokens have been unlocked, which accounted for 64.7% of its total supply. However, things turned sour for BONK as its daily chart turned red.
Here's the vesting information for @bonk_inu 📊:
— Token Unlocks (@Token_Unlocks) December 15, 2023
According to Coinstats, the meme coin was down by more than 20% in the last 24 hours. At press time, it was trading at $0.00002182 with a market cap of over $1.47 billion, making it the 51st largest crypto.
Lookonchain’s data pointed out what might have gone wrong. A trader sold 52.3 billion BONK, worth $927 thousand, soon after it got listed on Binance.
A trader sold 52.3B $BONK($927K) today and made ~$784K.
— Lookonchain (@lookonchain) December 15, 2023
Not only that, but it was suspected that DWFLabs also deposited 50 billion BONK, or $1.6 million, into Binance.
This clearly meant that there was an increase in selling pressure, causing the meme coin’s price to plummet.
Is BONK Now On The Bearish Run?
As per analysis of the meme coin’s daily chart to determine how long the price decline might continue.
The memecoin’s Relative Strength Index (RSI) and Money Flow Index (MFI) were both in overbought zones, which can exert further sell pressure and, in turn, push the meme coin’s price down. Nonetheless, the MACD continued to remain in the bulls’ favor.
It was interesting to see that despite the drop in its price, the meme coin remained a topic of discussion as its social volume was high.
Its weighted sentiment also spiked, meaning that positive sentiment around the meme coin was dominant.
Though the meme coin’s price dropped, it did help Solana achieve a new milestone.
Solana announced that 30 million BONK token airdrops will be available to the owners of Saga phones. This skyrocketed the mobile’s demand, and Solana recently revealed that it has sold all of its Saga units.
The Saga is SOLD OUT!
Words cannot describe how much we appreciate your support. We are nothing without this amazing community 🫂
While these past few days will be cemented in our history, we’re excited for the future
Stay tuned ✨ pic.twitter.com/KJje8lBDLL
— Solana Mobile 🌱 (@solanamobile) December 16, 2023
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.