$SOL Bonk (BONK), the popular memecoin project of the Solana network, has been showing a dazzling performance lately. BONK price increased by 25.08% in the last 24 hours. This increase comes after Bonk DAO announced its proposal to burn 84 billion tokens. Bonk DAO shared this big announcement via the X account on July 8.$BONK

Token burning refers to the process of removing cryptocurrencies from circulation. These tokens are generally sent to wallets that cannot be spent or withdrawn. The token burn strategy aims to increase the long-term value of the cryptocurrency by increasing scarcity. The Bonk team had previously burned 278 billion BONK tokens as a result of a community vote in April. Although there was a decline in the overall market at that time, BONK profited from this move. Following the latest burn announcement, BONK managed to increase its price by 12%. BONK, which initially dropped to $0.000021, was trading at $0.000027 when the news was announced.

According to Santiment's on-chain data, this has led to an increase in social media dominance. The charts show that high social media influence leads to higher prices for BONK.

Technical analysis also supports that BONK prices may increase further. The Relative Strength Index (RSI) on the daily chart shows that BONK's momentum is bullish. The RSI is at 55.78, which determines the oversold and overbought levels. Additionally, Chaikin Money Flow (CMF) is also moving towards positive territory.

Key Takeaways for Users
Users can consider the following concrete and valuable takeaways regarding BONK:

  • Token burn announcements may result in price increases.

  • Increasing social media dominance may be effective in increasing prices.

  • Technical analysis tools (RSI and CMF) can be used to predict price movements.

Collectively, RSI and CMF analyzes point to the growth potential of BONK price. Examining past performances, it seems that the BONK price has recorded significant increases in a few weeks. If a similar scenario repeats, the price could rise as high as $0.000029 and even reach $0.000031.

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