500 million transactions push BONK to $1
Bonk's current price is 0.00002093, which has fallen by 1.7% in just 24 hours. The situation in the Middle East, the US election and the instability of the global economy have made everyone panic, so the price is naturally low.
Although Bonk, the popular online token, has been a bit sluggish recently, it is the 61st largest currency in the market, and it has risen by 27% in a month, and it has soared by more than 9,000% in a year! Although everyone is rushing to sell, BONK's trading volume is still as high as 5 million US dollars, which shows that there are still people who have confidence in it and want to buy it.
However, BONK is indeed falling, and it may take a while to fall before it can rebound.
Look at its relative strength index, which was above 70 a few days ago, and it has dropped to around 40 today. Although there is still room for decline, it has not reached the point of oversold.
More importantly, BONK's 30-day moving average has fallen below its 200-day moving average, an ominous sign commonly known as a death cross, which usually means a big drop is coming. Although everyone is selling today, BONK's high trading volume may indicate that it is only a short-term drop.
We noticed that we haven't seen large BONK transfers in a few weeks, but the big whale holding the most BONK still holds 2.41 trillion BONK!
That's worth $50 million, accounting for 2.5% of the entire token supply! This giant whale has been firmly holding BONK, regardless of whether it goes up or down, which may mean that it is very optimistic about the future of BONK and thinks it will rise even higher.
This may sound a bit exaggerated, but the market has heated up in recent weeks since the Fed cut interest rates. As one of the most popular online celebrity currencies, BONK is likely to rise with the market tide.
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