BONK Flips WIF In Market Cap To Become The Largest Memecoin On Solana

An X post from @DegenrateNews mentioned that Bonk coin has become the largest meme-coin on the Solana ecosystem with a market cap of $1.8 Billion at press time.

Solana (SOL) based meme-coin, BONK ($BONK), has flipped canine meme-coin Wification (WIF) in market capitalization to become the largest meme-coin on the Solana blockchain.

An X post from @DegenrateNews mentioned this, stating that BONK has become the largest meme-coin on the Solana ecosystem with a market cap of $1.8 Billion at press time.

BREAKING: $BONK (@bonk_inu) FLIPS $WIF (@dogwifcoin) IN MARKET CAP TO BECOME THE LARGEST MEMECOIN ON SOLANA pic.twitter.com/KFyoRhAgKJ

BONK’s price has seen a massive rally since its launch in December 2022, and has now become the 45th largest cryptocurrency in the global crypto market.

The coin’s market cap has surged by 7,400% over the past year, making it one of the best performing cryptocurrencies in the market.

This recent price surge and high demand for the meme-coin has led to a liquidity surge in the market, with a volume/market cap ratio of 29.92%.

The traded volume for the coin in the last 24 hours is $560.046 Million, which is considered to be good liquidity in the crypto market.

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suggest that the value of the traded volume for BONK rose by 155% over the last 24 hours till press time. This was followed by a surge in price.

Moreover, a strong interest of traders and investors can be seen in the derivatives of the crypto too.

This is because the volume of the derivatives has witnessed a surge of 145% in just the last 24 hours till press time.

A closer look at the derivatives data reveals that BONK’s open interest is at an all-time low.

However, in the micro timeframe, it has started to surge. Also, in the last 24 hours, it has advanced by 36%.

Furthermore, a larger number of shorts were liquidated in the last 24 hours resulting in a value of $301.49K.

Against this, the longs liquidated for the crypto are worth $260.91K which shows bulls’ dominance over the price.

A technical analysis of BONK’s price chart reveals that the crypto has sustained above a dynamic trendline by taking support at the same multiple times for more than the last five months.

A double top on the higher levels can be seen on the chart which led the price of the BONK coin to the lower levels.

Further, the price declined to the dynamic trendline and took support at the same.

After taking rejections from the dynamic trendline, the coin is under buying pressure, which has led to the formation of a bullish candlestick pattern on the chart.

There is resistance at $0.00002750 and if BONK breaks and sustains above it, a surge in the price might be witnessed.

BONK/USD Chart by TradingView

BONK is headed towards the downtrend ATR of the supertend. If the following level is taken out, an uptrend might follow.

The coin has broken above the 20-day and the 50-day EMAs on the daily chart, despite this, a death cross can be seen on the chart.

If the price continues to sustain above the EMAs, we might get to see a golden cross in the future.

The MACD and the signal line are trading in a golden cross while the following metrics are trading in a negative trajectory.

The histograms on the MACD indicator also support a bullish sentiment in price.

The RSI had risen to 55.78 at press time followed by the breakout above the 14-day SMA. This shows a surge in the positive momentum of the price.

Summary

BONK has surged by 7400% over the past year, becoming the largest meme-coin on the Solana ecosystem with a market cap of $1.8 Billion.

Strong buying pressure and increased trading volume suggest rising demand. If the price breaks resistance, further gains might be seen. However, technical indicators show mixed signals.

The support levels for BONK are $0.00001320 and $0.00001800. If the crypto continues to advance, it might face resistance at $0.00004240 and $0.0000550.

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

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