BONK Price Rise Sees Meme Coin Overtake FLOKI 🚀🚀🚀🚀🧧🧧🧧
Last week, BeInCrypto’s technical and on-chain analysis predicted that Bonk (BONK) was looking to reach $0.000025. But that was not the end, as the meme coin went further and surpassed the prediction.
Amid its recent increase, something else has happened, and a deeper analysis hints at a surprising revelation.
Volatility Rises as the Solana Meme Coin Overtakes FLOKI
According to CoinGecko, Bonk’s market cap was about $1.49 billion on July 1. Around the same time, Floki (FLOKI), another meme coin, had a market cap of $1.62 billion. Fast forward to today, things changed, as BONK’s market cap hit $1.73 billion while FLOKI’s was lower at $1.70.
The rise in the market cap can be linked to BONK’s price performance since the market cap is a product of price and circulating supply. At press time, the price has increased by 10.50% in the last 24 hours.
This is higher than FLOKI, which is a 3.58% hike. Following the price increase, Santiment data shows that volatility around BONK has spiked. Specifically, the on-chain analytic platform put the one-day volatility at 0.042.
Volatility indicates how quickly prices can move within a short period of time. If accompanied by buying pressure, high volatility can help the value of a token surge to incredible levels.
However, if selling pressure is intense during high volatility, the price can crater in a flash. In BONK’s case, the price may continue to jump if buyers do not rest on their oars.
If this were the case, it would have marked the end of BONK’s uptrend as it is bullish-to-bearish. However, since the pattern is inverse, it means that the trend is bearish-to-bullish. Therefore, BONK’s price may reach head toward $0.000031 if buyers decide to sustain the momentum.
