Why is BONK rising today?

Bonk rallies over 20% to $0.000062, a new ATH on Wednesday. The primary causes of the price increase are:

Wednesday saw BONK listed on Upbit, a Korean exchange. The listing boosts token liquidity and accessibility. This revived exchange interest may entice investors and traders to the dog-based meme currency.


2. Coinglass data reveals that BONK futures' Open Interest (OI) at exchanges has nearly quadrupled in four days, going from $34.05 million on Sunday to $64.11 million on Wednesday, the highest level since debut. OI increases indicate fresh money entering the market and purchasing.


Finally, Friday's announcement to burn 1 trillion BONK tokens before Christmas boosted the rally. The token burn should boost its value by lowering supply and boosting scarcity.


Bonk's weekly chart shows its price reaching a new all-time high of $0.000062 on Wednesday after surging over 100% the week before.

Suppose BONK's price rises and closes over 161.80% Fibonacci extension level (from May's high of $0.000044 to September's low of $0.000015) at $0.000062 weekly. It might lead to a psychological peak of $0.000070.

On the weekly chart, the Relative Strength Index (RSI) momentum indicator is 72, indicating overbought circumstances and a possible correction. RSI's rise out of overbought area might signal a decline, therefore traders should be cautious when adding to long holdings. The RSI may stay above the overbought mark and continue rising.

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