- BONK’s market cap witnessed massive growth as interest in the memecoin sector grew.
Overall Open Interest in grew, however, short positions increased.
As a seasoned crypto investor with years of experience under my belt, I’ve seen the memecoin sector go through its fair share of ups and downs. And recently, BONK (BONK) has been one of the memecoins that has caught my attention.
Over the past few days, there was a significant increase in the market value of Bonk [BONK], fueled by heightened enthusiasm and investment in the memecoin market as a whole.
BONK sees green
In the past 24 hours, BONK‘s market capitalization expanded by 7%, surpassing the $2 billion threshold once again. Currently, the memecoin is priced at $0.00002811, representing a 6.11% increase in value.
On May 27th, the price of BONK reached a low point of $0.00004474 before experiencing a significant decrease, similar to other memecoins.
Despite the initial bearish outlook, recent positive market movements have managed to shatter this trend and raise the prospect of a turnaround.
Should the bullish trend persist, the memecoin may reach a new height of $0.00003654.
Significantly, the Relative Strength Index (RSI) reached a level of 67.74 in recent days, while the Chaikin Money Flow (CMF) experienced a substantial increase. This indicates a notable influx of capital into BONK.
Word on the street
One potential influencing element on BONK‘s price trend is its standing within the social sector. According to AMBCrypto’s examination of Santiment’s data, there has been a decline in Social Volume. Consequently, this decrease could potentially lead to downward pressure on prices in the future.
As a crypto investor, I’ve noticed a concerning trend with this memecoin. Not only has its price dropped, but so has the weighted sentiment towards it. In other words, the number of negative comments outweighs the positive ones nowadays.
Should this trend persist, the cost of BONK might reach a plateau and a potential reversal could ensue.
What are traders up to?
At the current news cycle, the Open Interest for BONK saw a significant increase from $6.4 million to $10.07 million.
Is your portfolio green? Check the BONK Profit Calculator
Despite the growing curiosity among traders regarding BONK, a significant number of them held pessimistic views about its future as a memecoin.
Based on the findings from AMBCrypto’s examination of Coinglass’ statistics, there has been a significant increase in short positions for the token since the 8th of July.
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2024-07-17 16:08