BONK Price Surges 10% in 24 Hours with $500 Million Volume: Can It Dethrone Shiba Inu?

In a surprising turn of events, BONK has bucked the trend of declining meme coin prices, rising an impressive 10.35% in the past 24 hours while its peers fell 1.4%. This remarkable growth comes on the heels of a 19.28% increase last week, a stark contrast to Bitcoin (BTC) and Ethereum (ETH) losses.

Despite a 20.27% loss last month, BONK's trading volume has skyrocketed 99.02% in the past 24 hours, signaling a potential resurgence. Can BONK surpass Shiba Inu's dominance?

Technical analysis suggests further upside potential. BONK is approaching a retest of the $0.00002568 support level, and a decisive rebound could signal a strong upward trend. The relative strength index (RSI) has dropped to 55, indicating a temporary slowdown from overbought to steady conditions.

Wider patterns suggest a strengthening long-term trend, with the 30-day moving average rising sharply above the 200-day moving average. While short-term momentum is strong, fundamentals will likely drive long-term growth.

As traders seek meme currencies with genuine utility, not just popularity, can BONK challenge Shiba Inu's dominance? Only time will tell. Stay tuned for further updates on this exciting development!