As the larger market gets ready for the SEC to approve spot Bitcoin ETFs tomorrow, the price of Bonk has skyrocketed by thirty percent in the previous twenty-four hours, reaching a new high of two hundred and twenty-seven cents.
The price of BONK has decreased by 10% over the last week and by 27% over the past two weeks; yet, the fact that it has increased today indicates that it has risen by 32% over the past thirty days.
There is a good chance that this momentum will continue into the following days and weeks, particularly if the Securities and Exchange Commission (SEC) does in fact approve one or more Bitcoin exchange-traded funds (ETFs) tomorrow.
Additionally, because cryptocurrency may be entering a new bull market, BONK may benefit disproportionately, even experiencing bigger percentage increases than Shiba Inu is expected to experience.
The chart of BONK demonstrates that the meme coin has begun to rise and build momentum once more after experiencing a substantial drop.
In point of fact, its relative strength index (RSI) has increased from 40 a few days ago to 50 today, and it continues to move upwards, which indicates that additional increases are on the imminent horizon.
Following a period of stagnation that lasted for several days, it is heartening to see that the 30-day average of the currency, which is yellow, has now begun to climb again.
A dramatic surge in its 24-hour trading volume has also occurred, with the volume going from approximately $90 million the day before to $350 million as of the time of this writing.
As a result of the fact that whales have been accumulating BONK over the course of the previous day or so, it is quite probable that such volumes will increase in the coming hours and days.
Earlier today, this astute trader who won around $6.9 million on $BONK invested 386 $SOL, which is equivalent to $40,000.
He was able to amass 371.4 billion dollars worth of bitcoin in only nine months at a cost of only 6,998 dollars (or $276 thousand), and he sold fifty thousand dollars worth of bitcoin during the increase in the price of bitcoin for fifty thousand dollars.
Therefore, BONK may rise even farther very soon, particularly in the event that the SEC does in fact approve one or more Bitcoin exchange-traded funds (ETFs).
It is important to exercise caution, however, because the Securities and Exchange Commission (SEC) has requested that applicants resubmit their applications in advance of the deadline, which is tomorrow, January 10. This means that the SEC will have until tomorrow to make a decision on a batch of applications.
Commentators have speculated that this step suggests another delay, but it could simply be a formality, in the sense that the SEC may merely be requesting applicants to submit some additional facts. However, this move has been proposed by several commentators.
It would be imprudent to assume that we are promised some approvals tomorrow based on this development; but, the market definitely seems to think that this is the case, given that prices have increased dramatically across the board.
Under the assumption that such optimism is warranted, the price of Bonk might potentially increase to $0.000020 during the next one or two weeks.
👉I am waiting for the support of the community,👏 thank you everyone for voting.💪💪💪
You can vote for me here
