Bonk Price Explosion: Too Late to Join? Another Solana Meme Coin Gains Viral Momentum
Over the past week, the meme coin BONK has experienced explosive price action, outpacing many other leading cryptocurrencies with a 23% increase.
As of Monday morning (UTC), BONK is trading at $0.00002064, according to CoinGeck data.
This week’s performance saw only a few top cryptocurrencies achieve similar gains.
NEAR Protocol’s NEAR rose by 19%, trading at $6.78, and Shiba Inu (SHIB) increased by 15% to $0.00002709.
Meanwhile, two prominent dog coins saw declines: Dogecoin (DOGE) decreased by 2.5% to $0.1605, and WIF, another Solana-based meme coin, dropped 5% to $2.96.
BONK’s fortunes appear to be changing, though.
In the last 24 hours, the token shed 2.2%. This stands in contrast to market leaders Bitcoin (BTC) and Ethereum (ETH) which both added between 1-2% to trade for $66,023 and $3,210 as of this writing.
Over on BONK’s trading chart we can see a very sharp rally in late February/early March.
This was in line with broader price movements across the market. By March 4, BONK hit a new all-time high (ATH) of $0.00004547 before crashing to find support briefly at $0.00003.
Since then, volatility has kept the price seesawing between $0.00002 and $0.00003, apart from a brief recent spell between April 12 and April 20, when prices were bottoming at $0.000013.
Today’s price marks a return to the higher support threshold, and it appears to have been driven by some frantic buying activity in the last few days, according to the yellow chart, which shows BONK’s Relative Strength Index (RSI).
BONK’s RSI is currently 54 and falling, which indicates stability today.
However, on Saturday, it rose past 80, indicating that for a brief time, it was overbought.
International Doge Day came and went last Saturday and left some meme
