BONK has declined to lows after forming a double top.
The sentiment is bullish according to analysts.
Bonk coin is built on the Solana platform and was launched on 8 February 2020. It hit its all-time high price of $0.00004704 four months ago. At press time, the trading price of the coin is down by 44% from its ATH.
Bonk has 15.5K holding addresses, and its top 10 holders have 75.13% of the supply. Also, the largest holder has 75.261 Billion BONKs, which is 37% of the coin’s circulation supply.
BONK’s volatility has been high, resulting in 7.29%, which shows a possibility of uncertain spikes in the price. Additionally, the coin has a strong market presence followed by a market cap dominance of 0.08%.
The maximum supply of the coin is certainly high, and the supply inflation is huge (44.55%). This shows a huge deflation in the price of the coin over time.
The fear and greed index of the Bonk coin is at 65, which shows greed among the coin investors. The coin has huge liquidity, followed by a volume/market cap ratio of 25.23%.
BONK Coin Derivatives Data Analysis
An 80% surge in the derivatives trading volume of the coin was recorded in the last 24 hours. This has resulted in a traded value of $126.44 Million, following which the open interest advanced by 16.5%.

BONK Coin Derivatives Liquidation Chart:
The liquidation chart of the BONK coin shows a surge in short liquidations over the last few days. Also, in the previous 24 hours, the recorded short liquidation of the coin is worth $165.55K, against which the long liquidations of the coin are worth $90.13K. This shows that buyers are taking over.
BONK Coin Technical Analysis
The crypto has demonstrated remarkable resilience, sustaining above a dynamic trendline for over five months. This trendline has provided support repeatedly, underscoring its significance in maintaining price stability.

BONK Coin Daily Price Chart | Source: Tradingview
Recently, the chart displayed a double-top formation at higher levels, which initially led to a decline in price. Following this dip, the price again found support at the dynamic trendline.
At the time of writing, the coin experienced buying pressure after rebounding from the dynamic trendline. This has formed a bullish candlestick pattern, indicating a potential upward momentum.
BONK is approaching the downtrend ATR of the Supertrend. An uptrend could follow if this level is breached, marking a significant shift in the coin’s price trajectory.
BONK broke above the 20-day and 50-day EMAs on the daily chart. Despite this upward movement, a death cross remains visible. If the price continues to sustain above these EMAs, a golden cross would be likely.
The MACD and the signal line exhibited a golden cross, though other metrics continued to trade negatively. The histograms on the MACD indicator further support a bullish sentiment, suggesting that an upward trend may be on the horizon.
The RSI has been trading at 54 and advanced above the 14-day SMA. This shows a possibility of a rise in the bullish momentum of the coin. BONK has faced multiple rejections, yet it remains resilient, sustaining above a crucial trendline.
Although technical indicators like the MACD and RSI suggest potential bullish momentum, the presence of a death cross and high volatility signal uncertainty. Investors are cautious, watching for a breakout above key resistance levels.

The support levels for BONK are $0.0000130 and $0.0000180, followed by the resistances of $0.0000420 and $0.0000550.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Like PEPE and DOGE, BONK is a meme coin inspired by internet memes, jokes, and satire. Meme coins are not designed with a specific use case in mind, but rather as a way to express humor, creativity, and social commentary through cryptocurrency.While BONK is similar to DOGE and SHIB in that it features a cute dog as its mascot and logo, it differs from them in several ways.
1. BONK is built on Solana. Referred to as the ‘Ethereum killer’ when it launched, Solana is a fast, scalable, and low-cost blockchain platform that supports smart contracts and decentralized applications with over 400 dApps currently running on its network (Solana is also home to 2024’s other stellar performer Dogwifhat).
2. BONK was launched with a massive airdrop on December 25, 2022, as a Christmas gift to the Solana community. 50% of the total supply of 100 trillion coins was distributed to Solana users who contributed to the development and growth of the network in some way. This included artists, creators, developers, NFT collectors, and active community members. The airdrop was done randomly and anonymously, without any pre-announcement or marketing.
3. BONK’s integration with the Solana ecosystem. BONK’s whitepaper outlines its ambition to become the “community coin of Solana,” used across numerous decentralized applications. The project aims to challenge the dominance of “predatory VC tokens” by empowering the wider Solana community. This is evident in its approach to airdropping 50% of its total supply. The 1-year correlation between SOL and BONK currently sits at 0.76. The coin is accepted as a payment option for NFTs on several platforms, such as OpenBook and Orca. It is also used as an incentive for staking NFTs on platforms like SolFarm and BonkStake. Moreover, BONK is listed on several popular crypto exchanges that support Solana-based tokens, such as Coinbase, Binance and Serum.
Tokenomics of BONK
Market Position: As of March June 9th 2024, BONK is the sixth-largest meme coin by market cap (at $1,891,124,036), following DOGE, Shiba Inu, PEPE, WIF and FLOKI and the 54th largest crypto overall.
Impressive Growth: BONK has seen an extraordinary increase of over 7000% year-on-year.
Supply Details:
The coin has a maximum supply of 100 trillion, with 65 trillion in circulation as of mid-March 2024.
What makes BONK unique?
BONK has several features that make it stand out from other meme coins. One of them is its community-driven nature. The team behind BONK does not have any control over the coin’s supply or direction. Instead, they have delegated 15% of the total supply to a decentralized autonomous organization (DAO) called Bonk DAO. The Bonk DAO is responsible for making decisions regarding the future development and governance of BONK. Anyone who holds BONK tokens can participate in the Bonk DAO by voting on proposals or submitting their own ideas. The recent burn vote is good example of the Bonk community working together to increase BONK’s value.
How and Where to Buy BONK?
BONK can be purchased on centralized exchanges (CEX) like Coinbase, Crypto.com, Kraken, KuCoin, Binance, OKX and decentralized exchanges (DEX) such as Raydium, Orca, and BonkSwap. Ethereum users can also gain exposure to BONK through Wrapped BONK tokens.
$BONK
Current price: $0.00001866
Ratio : 6.08%

Crypto markets have made a habit over the past few weeks of declining as U.S. traditional markets open, underscoring a general risk-off sentiment among American investors.
Cryptocurrencies sold off once again early in the U.S. trading session on Wednesday with bitcoin (BTC) diving below $56,000.
BTC climbed during the Asian and European trading hours from a low of $56,000 after last night's U.S. presidential debate between Kamala Harris and Donald Trump, briefly topping $57,000 following the U.S. CPI inflation report. The price quickly tumbled to $55,600 in little more than an hour following the opening of U.S. stock markets. Bitcoin has bounced a bit since, but remains lower by 2% over the past 24 hours.
The broad-market crypto benchmark CoinDesk 20 Index also fell over 2% during the same period, with altcoin majors solana (SOL), avalanche (AVAX), and artificial intelligence-focused tokens near (NEAR) and render (RNDR) sliding 4%-7%.
It's been a trend for weeks now that bitcoin and other digital assets declining around the traditional U.S. market opening, pointing to a general risk-off sentiment among American investors.
Indeed, U.S. stocks started the day weak, with the S&P 500 and the tech-focused Nasdaq 100 1.6% and 1.3% lower, respectively, at 11 a.m. ET.
Perhaps contributing to negative action was a renewed rise overnight in the value of the Japanese yen. At 141 to the U.S. dollar, the yen today now stands higher than it was in early August, when its sharp rise forced a quick reversal of yen-carry trades, apparently a major cause of a panicky mini-crash in traditional and crypto markets.
$BTC

The exchange is focused on the Indonesian market and recorded $11 million in trading volumes on Monday.
Indodax was hacked with over $22 million worth of various tokens stolen.
The exchange confirmed the security breach by pausing platform operations for "maintenance." However, there were indications of compromised social media activities, such as a suspicious giveaway announced on Instagram, suggesting further security issues.
Indonesia-based crypto exchange Indodax was hacked for over $22 million worth of various tokens early Tuesday in an apparent attack on their hot wallets, security researchers said on X.
Over $14 million worth of tokens including ether (ETH), $2.4 million in Tron’s TRX, $1.4 million in bitcoin (BTC) and $2.5 million in Polygon’s MATIC, among smaller amounts of other tokens, were stolen in the attack, security firm Slowmist and CertiK said.
The stolen stash was a relatively small amount as the exchange’s wallets continue to hold over $400 million worth of various tokens, Arkham data shows.
Indodax is a centralized cryptocurrency exchange established in 2014 and targets the local Indonesian market. It traded over $11 million worth of cryptocurrencies in the past 24 hours, CoinGecko data shows, and offers all tokens against the Indonesian rupiah, which is worth 15,409 IDR per U.S. dollar as of Tuesday.
Indodax confirmed the attack on their X account early Tuesday, stating that platform operations were paused due to “maintenance” activities. However, several users on X and the exchange’s Telegram channel claimed they could no longer see wallet balances.
While platform operations remain paused, Indodax’s X account is touting a “giveaway” of Indonesian rupiah on their Instagram page - suggesting it may be compromised.
The exact mechanism of the attack remains to be determined and is not publicly known as of European morning hours.

Market analyst concerns over a correction below $50,000 are mounting, as crypto market sentiment returns to early August lows.
Crypto market sentiment has dropped to an over-one-month low as analysts warn of a potential Bitcoin
tickers down
$54,052
price correction below $50,000 as soon as this weekend.
Crypto trader sentiment drops to ‘extreme fear’
The Crypto Fear & Greed Index, a multifactorial measure of crypto market sentiment, fell to a one-month low of 22, last seen at the beginning of August.

Crypto Fear & Greed Index. Source: alternative.me

The index fell to 17 back when Bitcoin’s price fell to $49,000, shared analyst and CryptoQuant author Axel Adler in a Sept. 6 X post:

“During the mining ban in China, the index dropped to 10%. The maximum drop to 6% occurred during the Luna crash. HODL.”

BTC: Fear & Greed Index. Source: Axel Adler/X

The sentiment drop comes amid concerns of a September correction below $50,000.
Related: Bitcoin $110K setup ‘still in play,’ but analysts warn of sub-$40K dip first
Bitcoin could risk a correction below this key price level as soon as this weekend, warned Arthur Hayes, former CEO of crypto exchange BitMEX.
“BTC is heavy, I’m gunning for sub $50k this weekend. I took a cheeky short. Pray for my soul, for I am a degen.”
September BTC price dip in line with halving cycle
September has historically been a month of downside volatility, with average Bitcoin returns at -4.69%, making it the most bearish month based on average returns, according to CoinGlass data.

Bitcoin monthly returns percentage. Source: CoinGlass
Thus, the current correction remains in line with previous Bitcoin halving bull cycles, wrote crypto analyst Rekt Capital in a Sept. 6 X post:
“Bitcoin is down -6.19% for the month of September. This approximately matches the September single-digit downside experienced in 2022, 2021, 2020, 2018 and 2017. This downside is not out of the ordinary.”
This could bring more short-term downward pressure, added the analyst, sharing the below chart in a Sept. 6 X post:
“There’s that rejection from the orange diagonal (red circle). That’s why 4-hr candle bodies above resistance are so important to confirm the next trend. Upside wicks into/above the diagonal precede rejections.”

BTC/USD, 4-hour chart. Source: Rekt Capital
Zooming out, this correction could precede a breakout due to an emerging cup-and-handle pattern, a bullish price setup that signals the extension of an uptrend.
The bullish pattern was shared by popular crypto trader Mags in a Sept. 5 X post:
“Bitcoin is forming a massive cup and handle pattern.”
This is not an arbitrary number, but based on the fact that the cycle peak in terms of percentage return reduces by around 60%–70% each cycle, and the average bull market correction has reduced as well.”

Many stocks in the orbit of leading cryptocurrency Bitcoin (CRYPTO: BTC) plunged in August. Here are a few prominent examples, according to data from S&P Global Market Intelligence:

As expected, exchange-traded funds (ETFs) tied to Bitcoin's spot price, such as the iShares Bitcoin Trust ETF (NASDAQ: IBIT), matched the cryptocurrency's 10.4% price drop almost exactly. Meanwhile, the enthusiastic Bitcoin investors of MicroStrategy (NASDAQ: MSTR) and the cryptocurrency miners at Riot Platforms (NASDAQ: RIOT) demonstrated the boosted volatility that results from adding dollar-based investments to the unpredictable Bitcoin asset over time. MicroStrategy's stock fell 18%, and Riot's investors took a 26% hit.
The reasons for Bitcoin's recent price moves
First and foremost, why did Bitcoin fall last month? Isn't this cryptocurrency (and the sector in general) supposed to experience a massive boom right now? There's a four-year cycle of Bitcoin price boosts based on the predictable halving of miner rewards, which also halves its inflation rate. On top of that, capital pouring into those new spot Bitcoin ETFs should accelerate the price gains.
And still, Bitcoin's price is down 21% from an all-time high of $73,750 in March, about a month before the all-important rewards halving.
What gives?
As it turns out, you're looking at a mix of economic concerns and a misunderstanding of the classic halving cycle. Bitcoin is widely seen as a risky investment, making it sensitive to changes in the economy.
For instance, it shows price gains and increased trading activity when interest rates on new debt are low. The opposite is true when interest rates go up. Lower certainty about where debt rates will go in the near future can also hurt Bitcoin's price, and that's a leading reason behind August's price drops.
The Federal Reserve was supposed to look into lowering interest rates someday soon, but conflicting economic reports lowered the chances of that policy change in early August. The next Fed meeting could still end with a long-awaited rate-cutting move, but that outcome is not guaranteed today -- and it certainly wasn't a slam-dunk forecast by the end of August. So Bitcoin battled these economic headwinds all month long.
As for the lack of price-boosting power from the rewards halving, it should be noted that the price gains tend to come several months after the halving.
Three months after the 2016 halving, for example, Bitcoin's price had fallen 5%. But it was up 40% after another three months and posted a 262% gain after a full year.
$BTC

Investors holding between 100 BTC and 1,000 BTC currently control a fifth of the asset’s circulating supply.
Large Bitcoin investors are accumulating more assets despite recent volatility, which could reduce supply and positively impact the price.
Analysts predict a strong future rally for BTC, with potential targets between $85,000 and $120,000.
Investing Instead of Panicking
Bitcoin has shown quite a wobbly performance over the past three months, with its price ranging from $50,000 to $71,000. Currently, it trades at around $57,000 (per CoinGecko’s data), representing a 20% decline on a 90-day scale.

According to IntoTheBlock, though, large investors have been unfazed by the enhanced volatility, accumulating more assets during that period. The platform estimated that market participants holding between 100 BTC and 1,000 BTC have been on a buying spree and now own 20.3% of Bitcoin’s circulating supply or more than 4 million assets. The stash is worth more than $230 billion calculated at current rates.
Several days ago, crypto analytics platform Santiment revealed that the number of Bitcoin wallets holding 100 BTC or more has reached 16,120, or a 17-month high. The entity explained that the rise in whale holdings was due to smaller traders “impatiently” selling off their assets to larger players during the recent price declines.
The rising number of large BTC investors could positively impact the price of the asset. After all, accumulating huge amounts of Bitcoin leads to a reduction in the available supply on the market. Fundamental principles of economics dictate that this could be a precursor of a rally assuming demand stays the same or rises.
Whale activities are monitored closely by other market participants. If large investors have activated the accumulation mode on, it can give the impression that they expect the price to rise in the future, which may motivate other investors to jump on the bandwagon, hence inject fresh capital.
BTC Price Predictions
The asset has been the subject of numerous predictions lately, with some analysts envisioning a bright future.
The popular X users Crypto Rover and Titan of Crypto were among the optimists. The former claimed that the BTC bull market is “imminent” based on the Bitcoin halving that took place earlier this year. The event occurs approximately every four years and cuts in half the rewards given to miners for validating new blocks on the network. Historically, it has been a precursor of a major rally for the entire cryptocurrency sector.
For their part, Titan of Crypto forecasted a BTC price explosion to as high as $120,000 in the following months. The trader thinks this is possible due to the high levels of “fear, disbelief, and anger” that have been reigning in the space as of late.
NBA legend Scottie Pippen also made an interesting prediction. He revealed having a dream with Bitcoin’s anonymous creator, Satoshi Nakamoto, who told him that the asset’s value could surge to almost $85,000 on November 5, 2024.
$BTC
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