Bonk Price Goes Ballistic as BONK Surges 12%, Becoming the Top Gainer in the Market

Bonk (BONK) is winning on the charts and in the meme coin market sector. Bonk’s price is moving bullishly with the rest of the crypto market, led by Bitcoin, which has surged 0.2% to trade at $57,478 at the time of writing. Bonk, the first dog-themed coin on Solana, has surged 12% today, with the BONK/USD trading at $0.0000265. In the past 24 hours, the Solana-based Bonk has become the largest gainer and top performer.

NEW: SOLANA MEMECOIN $BONK (@bonk_inu) BECOMES THE TOP PERFORMER IN THE PAST 24 HOURS AMONGST THE 200 LARGEST COINS BY MARKET CAP pic.twitter.com/PBZegc6H7N

— DEGEN NEWS (@DegenerateNews) July 9, 2024

Bonk’s price surge follows a tweet by BONK DAO on the X platform, a decentralized autonomous organization managing the Bonk project. The tweet revealed a proposal to burn 84 billion BONK tokens (worth $2 million) from its Treasury, which is now yielded. 

BONK DAO has received a proposal to BURN ~84B BONK from its Treasury representing the Q2 amount of BONK sent to the DAO from BONKBot.

All BONK locked on BonkRewards is now able to vote on community proposals.

Voting:https://t.co/akvJAfpCcM

— BONK DAO (@bonk_dao) July 8, 2024

These 84 billion tokens were transferred to the DAO by BONKBot during the second quarter. Token burning is the process of removing a certain number of tokens from circulation, which often results in a decrease in supply. This reduction in the total available supply creates a scarcity effect, potentially increasing demand and the token’s price. Moreover, Fishthewhales, a whale tracker, has mentioned via X that whales are buying BONK, contributing to Bonk’s price surge. 

Bonk Statistical Data

Based on Coinmarketcap data:

• BONK price now – $0.0000265
• BONK market cap – $1.82 billion
• BONK total supply – 93 trillion
• BONK circulating supply – 68.66 trillion 
• BONK ranking – #45

The altcoin has displayed massive volatility, as seen with the large green candlesticks in the four-hour timeframe. The Bonk price has been up today following the support establishment at $0.00001993. Bulls took the reins entirely after BONK dispersed the seller congestion at $0.00001884. 

A look at the Relative Strength Index (RSI), which shows higher lows and has soared above the mean level of 50, shows BONK bulls are having their way. Currently, it sits at 68, with the buyer momentum increasing, which could see the RSI jump to the 70-overbought zone. 

The Moving Average Convergence Divergence (MACD) indicator also upholds the bullish picture, with a buy signal set on Tuesday. This calls traders to consider buying BONK, manifested with the blue MACD line crossing above the signal line. As the momentum indicator has ascended above the mean line (0.00) into the positive region, the path with the least resistance stays on the upside.

Moreover, the BONK price trades above the 50-day and 200-day Simple Moving Averages (SMAs). In this scenario, $0.00002319 and $0.00002404 act as immediate support levels, reinforcing the bullish outlook in the market. 

Bonk Price Prediction

In the 4-hour chart analysis, the seller momentum is dwindling, tilting the odds toward the buyers. Nonetheless, the technical indicators suggest that BONK bulls are currently dominating the market, and there is potential for further BONK price appreciation.

If the bulls exert pressure at this level, using the $0.00002014 as their support level, the BONK price could surge to around $0.00003544. The gains could extend beyond this level to $0.00004437 in a highly bullish case. Conversely, if early profit booking commences, the Bonk price could drop to retest the $0.00002014 support level. In a dire case, a breach below $0.00002014 would invalidate the bullish sentiment in the market. 

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