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.
BONK’s Trading Chart
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.
Source: TradingView
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.
As Doge Meme Hype Fades, Try Slothana
International Doge Day came and went last Saturday and left some meme coins in a better position than when they started the weekend. The stoner holiday was originally chosen to commemorate Dogecoin because of its fun and irreverent connotations.
Many hoped and predicted that Dogecoin would have rallied strongly but this wasn’t the case. As crypto gets older, it also appears to be getting less volatile and less whimsical.
However, a new style of meme coin is rapidly gaining popularity.
Enter Slothana (SLOTH). From the clock on the wall to his baked red-eyes and contented smirk, Slothana is one of 4/20’s biggest fans.
Slothana raised over $10 million in his ICO as traders flocked to the coin hoping to catch some of the early price booms of other Solana meme legends that have pumped recently, like Slerfs, DogWifHat and Bonk.
Prepare for a moonshot as we ready the engines of the Slothship! With the launch just around the corner, our slothful crew is gearing up for an epic journey through the crypto cosmos. Buckle up and hold onto your branches, because there’s just 6 days to go … pic.twitter.com/yHBrE3NP5x
— Slothana (@SlothanaCoin) April 22, 2024
Interested investors can join the SLOTH presale today by sending SOL to this address: EnSawje2vQSQKtGbPYdXEuYKm2sHgeLKJTqCmrDErKEA or using the contribution widget on the Slothana website.
The presale won’t be around forever. According to the countdown timer on Slothana’s landing page, interested investors have just over six days left to buy at this price before the presale window closes on April 29…
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