- BONK declined by over 7%.
Social volume and dominance also declined.
As an experienced analyst, I closely monitor the cryptocurrency market and its trends. The recent decline in Bonk (BONK) is concerning, especially after its promising start as a top trending coin. According to CoinMarketCap, BONK achieved recognition by making it to the list of top trending coins, securing the second position on the trending assets list for the week. However, this popularity seems to be waning.
As a market analyst, I’ve noticed that Bonk (BONK) has recently gained attention and made it onto the list of trending coins according to CoinMarketCap’s latest update.
The memcoin representing dogs took the number two spot among popular assets this past week, signaling a hopeful beginning for its market value.
I’ve observed a significant decrease in the market performance of this asset recently. The dropping price is one clear indicator, along with a decline in market capitalization by more than 3% within the past day.
At the time of writing, the market cap stood at around $1.5 billion.
Bonk sees a slide in social dominance
As a researcher examining the social dominance trend of BONK on Santiment, I discovered a noteworthy decrease. Reaching approximately 0.5% on the 24th of April, this downward trend signifies a substantial shift in BONK’s social influence.
As a crypto investor, I’m observing that Social Dominance for Bonk is currently around 0.22%, which is a decrease from its previous presence in crypto conversations. This indicates that Bonk’s share of discussion has dipped below the 1% mark.
As a researcher, I’ve analyzed the social media data, and my findings reveal a mirroring decrease in its social presence. Specifically, on the 24th of April, it reached a high point of 133 mentions. However, at the moment of recording this observation, the number had dropped to roughly 19.
BONK hit by 7% decline
At the time this article was published, Bonk underwent a significant drop in value. An analysis of its daily chart by AMBCrypto uncovered a decrease of more than 7%, placing its trading price at approximately $0.000023.
In spite of the current market downturn, the asset continued to follow an uptrend based on its Relative Strength Index (RSI) indications. At present, the RSI reading was above the midpoint, suggesting an upward trend, although a significant decline had become apparent.
As an analyst, I would interpret a situation where RSI (Relative Strength Index) falls below the 50-neutral line for BONK as a potential shift into a downtrend.
Negative sentiments dominate the derivative front
As a researcher studying the cryptocurrency market, I recently came across BONK‘s funding rate analysis on Coinglass. At the current moment, this analysis showed a negative value of -0.0087%. This finding implies that sellers are currently in control of the market, indicating a potential for further price decreases.
Additionally, it underscored the prevailing negative sentiment surrounding Bonk at this time.
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2024-04-30 20:23