- BONK flipped dogwifhat, taking the top spot.
- The memecoin’s overvalued state warranted caution.
As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find myself both intrigued and cautiously optimistic about the recent surge of BONK. Having navigated through the doge-days of dogwifhat’s dominance, I can’t help but feel a sense of vindication as BONK reclaims its rightful place atop the memecoin throne.
On November 20th, South Korea’s leading exchange, Upbit, is fueling the popularity of meme coins by offering Korean Won (KRW) trading pairs for Bonk (BONK). This move adds to the excitement around memecoins.
The announcement propelled the memecoin built on Solana [SOL], reaching an unprecedented peak of $0.00006. This surge can be traced back to Upbit’s earlier endorsement, as they listed BONK with their USDT market on the 22nd of October.
Significantly, the list appears timely as Solana is currently seeing significant growth during a general market surge. According to recent figures, it’s only 9.75% away from reaching its all-time high.
BONK dethrones dogwifhat
Apart from the ATH (All Time High), Bonk didn’t just stop there in terms of achievements. Additionally, its market capitalization experienced a substantial growth spurt, surpassing its rival themed around dogs, Dogwhathat [WIF].
It’s important to mention that back in March, WIF managed to overtake BONK as the leading meme coin, signifying a change in market trends.
Currently, WIF is being traded at $3.34. This represents a daily decrease of 1.56%, but a significant weekly increase of 11.98%. According to CoinMarketCap, its market capitalization currently stands at approximately $3.31 billion, which is a decrease of 2.68% compared to the previous data.
Currently, BONK is being traded at $0.000054. In the last 24 hours, its value increased by 11.75%. Over the past week, there has been a significant surge of 71.84% in its price.
The market value of BONK soared to a staggering $4.15 billion, marking a 11.79% surge, thereby solidifying its position as a dominant force in the market.
BONK’s next moves
In the meantime, AMBCrypto scrutinized the daily chart of BONK to predict its performance over the approaching period.
The analysis shows a robust increase in trend starting from early November, but the potential barrier at $0.000056 could pose some difficulties.
Currently, when I’m typing this, the Relative Strength Index (RSI) is showing a value of 81.94, which often signals an overbought market condition. This could imply a future correction or pullback, but keep in mind that in strong bull markets, the RSI can stay high for a long time.
Additionally, the Open Interest (OBV) saw a near-doubling, rising from approximately 78.5 trillion on November 1 to about 146.5 trillion at the current reporting, signifying substantial buildup or accumulation.
As the price progresses, if it gets turned down at the $0.000056 level (which acts as a barrier), it might find support at $0.000045 or even lower at $0.000039 during a potential fall.
On the other hand, a more extensive sell-off driven by profit-taking might cause the price to drop down to $0.000024. But if buyers continue to hold their ground, BONK could potentially experience additional growth opportunities.
Upbit expands market listings
It’s worth noting that BONK wasn’t the sole beneficiary of Upbit’s market expansion. In fact, on the same day, Upbit also introduced trading support for JasmyCoin [JASMY] and PolySwarm [NCT] in both Bitcoin [BTC] and Tether [USDT] pairs.
In a single day, PolySwarm experienced a significant increase of 41.45%, pushing its price to $0.02715. On the other hand, JASMY experienced a decrease, trading at $0.02129, which represents a drop of 3.33% over the same timeframe.
Over the next few weeks, it’s essential to monitor BONK’s progress closely, as its recent surge and the broader cryptocurrency market boom may indicate a prolonged upward trend, or if adjustments (corrections) might occur instead.
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2024-11-20 23:04