$BONK , the dog-themed meme token, has surged over 20%, reaching a new all-time high (ATH) of $0.000062 on Wednesday. Here’s what’s driving the rally:
1️⃣ Upbit Listing Fuels Accessibility
BONK’s listing on Upbit, a leading Korean exchange, significantly boosted its liquidity and accessibility. This strategic move has drawn renewed interest from investors and traders, further elevating BONK's visibility in the market.
2️⃣ Soaring Futures Open Interest (OI)
Data from Coinglass reveals a massive spike in $BONK futures’ Open Interest (OI), which nearly quadrupled in just four days.
Sunday OI: $34.05M
Wednesday OI: $64.11M (a record high since its debut)
The increase in OI signals new money flowing into the market, with traders actively buying $BONK and speculating on its upward momentum.
3️⃣ Token Burn Announcement
Last Friday’s announcement to burn 1 trillion BONK tokens before Christmas added to the rally’s momentum. Reducing the circulating supply through burns enhances scarcity, which typically supports price appreciation.
Technical Overview
New Weekly High: BONK’s price broke past the 161.80% Fibonacci extension level at $0.000062. If it sustains this level, the token could aim for the next psychological milestone of $0.000070.
RSI Alert: On the weekly chart, BONK’s Relative Strength Index (RSI) stands at 72, indicating overbought conditions. While this suggests a potential correction, the RSI can remain elevated in a strong bullish trend.
Investor Note
Traders should remain cautious as the overbought RSI and rapid price surge could lead to short-term corrections. However, BONK’s increasing utility, community engagement, and exchange support continue to drive long-term optimism.
Will BONK maintain its momentum? Keep an eye on key technical levels and market sentiment.
