BONK Surpasses FLOKI with $2.5B Market Cap, What Lies Ahead?
Release: 2024/05/24 18:34 Reading: 751
BONK has surged 15% in 24 hours, hitting a three-month high. BONK's market cap has reached $2.5 billion, overtaking FLOKI to claim the fifth-largest spot among meme coins.
The cryptocurrency market has recently experienced a surge, driven by the US Securities and Exchange Commission's (SEC) approval of Ethereum ETFs. Among the top performers, Ethereum (ETH) has seen a 30% rise over the past month. However, other cryptocurrencies have also posted impressive gains, with some even surpassing Ethereum's performance.
One standout is Bonk (BONK), a meme coin based on the Solana blockchain, which has soared by 14% in the last day and 40% over the past week. BONK is now trading at approximately $0.00003342, marking its highest value in nearly three months. Its market cap is nearing $2.50 billion, overtaking Floki (FLOKI) as the fifth-largest meme coin. FLOKI currently holds a market cap of $2.20 billion.
Can BONK Sustain Its Recent Highs?
After Coinbase's announcement of perpetual futures listings for Bonk, FLOKI, and Shiba Inu, the price of BONK surged by over 18%, rising from $0.00003264 to $0.00003734.
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Bonk (BONK) Price Chart (Source: TradingView)
Analysts suggest that BONK's rally may continue, as the cryptocurrency has broken out of a two-month consolidation phase. They believe that BONK's bullish momentum could present buying opportunities if a correction occurs.
However, if BONK maintains a price above $0.00003312, crucial for further gains, it will face potential resistance levels at $0.00003421 and $0.00003576. If these levels are surpassed, BONK could target prices of $0.00003890 and possibly $0.00004021.
Conversely, if BONK fails to hold above $0.000033, it could drop to support levels at $0.00003106 and $0.00002983, potentially leading to a bearish trend toward $0.00002507.
Historical data shows that during its previous cycle, BONK's price ranged between $0.00002431 and $0.00003738 before reaching its all-time high of $0.00004704.
Additionally, the meme coin Pepe (PEPE) has garnered significant attention, setting a new all-time high on May 23, only to break that record again on May 24. PEPE is now valued at around $0.00001411, reflecting an 80% increase over the past month. Its market cap has surpassed $6 billion, positioning it as the third-largest meme coin and the 20th-largest cryptocurrency overall.
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