Nov 14, 2024

6thTrade

Bonk (BONK) Surges to Highest Levels Since July – Can It Overtake Shiba Inu and Floki?

Bonk (BONK), a meme coin based on the Solana blockchain, has recently surged, challenging established meme coins like Shiba Inu (SHIB) and Floki (FLOKI). Following its recent listing on Binance.US, BONK/USDT trading began at 6 AM EST, sparking a major price jump and pushing Bonk to new highs.

With increased demand and favorable technical indicators, some analysts are asking whether Bonk could soon surpass Shiba Inu and Floki in popularity and market dominance.

Bonk’s Rollercoaster Price History and Recent Breakout

Bonk’s price history has been volatile, with dramatic highs and significant corrections. The token hit an all-time high of $0.00003771 on March 5, 2024, only to see a 75% drop to $0.000012 by mid-April. Over the year, Bonk has shown potential for recovery, experiencing fluctuations. In July, it reached a high of $0.000034 but dropped again to $0.000015 in August.

By October, BONK rallied to $0.000026 but encountered resistance. In November, it surged once more, breaking resistance and entering a potential bull phase. A recent 100% increase has brought the price to $0.000038, marking a 26.7% rise in the past 24 hours.

Technical analysis shows Bonk breaking out of a six-month descending wedge pattern, indicating a potential rally that could reach as high as $0.00004800. The $0.000026 support level is crucial for maintaining this bullish momentum, and if it holds, Bonk could target a new high of $0.000040. Positive funding rates further support this optimistic outlook, as more traders anticipate a continued rise in price.

Bonk’s Growing Popularity and Market Presence

Binance.US’s listing has expanded Bonk’s reach, and the Solana-based asset has gained significant traction. As the only Solana-based meme coin in the top 100 to post gains in the past 24 hours, Bonk is attracting attention within the meme coin space.

Meanwhile, Shiba Inu has been following a more traditional technical trajectory, adhering to an Elliott Wave pattern. Currently in a corrective phase, Shiba Inu could see a rally if it holds support at $0.000020, with potential resistance targets between $0.000035 and $0.000040. Although Shiba Inu recently triggered a golden cross, hopes of a bullish run were met with a 16% price dip. Despite this, Shiba Inu’s layer-2 solution, Shibarium, continues to show growth, with 500 million recent transactions.

Bonk’s Potential to Challenge Shiba Inu and Floki

Bonk’s recent performance sets it apart as a notable contender in the meme coin market. Positive sentiment surrounding Bonk has fueled its growth, positioning it as a potential competitor to Shiba Inu and Floki. If Bonk can maintain its current trajectory and breach key resistance levels, it could mark the beginning of a new growth phase, potentially allowing it to outshine more established meme coins in the short term. The upcoming weeks will be crucial for determining if Bonk can sustain this upward momentum and challenge Shiba Inu’s market position.




Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.