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Bonk (BONK) trading volume surges 60% – what’s the mystery behind it?
Amid the eye-catching market changes, the meme coin Bonk (BONK) based on the Solana blockchain has attracted widespread market attention with its astonishing growth in transaction volume. The latest data shows that Bonk’s 24-hour trading volume surged 64% to a staggering $701.83 million. This significant growth demonstrates traders’ growing interest in this volatile asset.
Currently, Bonk is trading at $0.00003435, up 5.86% from the past 24 hours. In the past 30 days, the price of BONK has increased by 28.34%, marking a sustained bullish trend that has ignited the enthusiasm of the cryptocurrency community.
There may be multiple factors at play behind Bonk’s surge in trading volume and price.
The meme coin space is often influenced by social media trends, celebrity endorsements, and community events, and sentiment changes rapidly. Bonk's current performance may be driven by positive sentiment.
At the same time, the active participation of the Bonk community and the continued development in the ecosystem may also be one of the reasons driving the increase in transaction volume. The prosperity of Meme coins often relies on strong community support and active participation of developers.
Looking at the technical indicators, Bonk also gave a bullish signal. The coin is currently trading above its 100-day simple moving average (SMA) and 100-day exponential moving average (EMA), indicating that market momentum is continuing. These averages provide us with insights into the coin’s long-term trend, showing that BONK has been experiencing steady buying pressure.
Additionally, Bonk’s relative strength index (RSI) is at 56.97, which is within a range typically considered bullish conditions. RSI values between 30 and 70 are generally considered neutral, with values above 70 indicating an overbought condition and below 30 indicating an oversold condition. Bonk's RSI value indicates that it is neither too hot nor too cold and is in a healthy position to continue its upward trajectory.
