Bonk Price Surges 54%; Hits a 2-Month High of $0.000023: A Rally to $0.000025?

Key Insights

• Bonk price rallies 54% in 7 days to hit a 2-month high

• Bonk buyers have accumulated 5.57 trillion tokens

Why is the Bonk Bonk price rallying?

Over the past day, the memecoin has surged to hit May levels. At the time of writing, Bonk was trading at $0.0002247. 

This price uptick follows a surge of 24.26% on the daily charts. Additionally, the memecoin has increased by 54.17% over the last week. 

Equally, over the last day, the memecoin's trading volume has increased by 139% to reach $1.4 billion, while its market cap has surged to $1.8 billion, now eyeing $2 billion. 

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It seems investors are now aggressively accumulating the memecoin. In fact, over the last four days, buyers have dominated the market and have been displaced. Today alone, buyers have acquired 5.57 trillion Bonk tokens. With a sustained rise, it appears that the increase in the Bonk price is now driven solely by aggressive buyers. 

Netflow and BONK Price Dynamics: A graph illustrating the fluctuations in netflow and BONK price over time, with distinct peaks and troughs highlighted against the background of financial metrics as of December 2024.

However, the price rally has also presented an opportunity for investors to make a profit. As per Coinglass data, Netflow has surged to an 8-month high, surpassing $10 million. Such a massive uptick in Exchange flow suggests that investors are aggressively depositing their Bonk into exchanges. 

The contradiction in market behavior presents a risky position for Bonk's price. This is because higher exchange deposits tend to cause downward pressure on an asset, which could lead to significant price drops for Bonk. 

Can Bonk Price Continue with the Rally?

While prices are rallying, investors are also taking profit. These two market behaviors position the memecoin on two paths. Firstly, if the buyers continue and hold their momentum, the Bonk price will continue to rise and reach $0.000024, then eye $0.000025. 

Bonk price experiences a significant upward surge, rising by 19.20% on the daily chart with high trading volume. The RSI Divergence Indicator shows a bullish momentum, reaching a value of 74.29.

At the same time, if profit takers continue with the recently witnessed appetite, Bonk's price will correct and pullback to $0.00002. 

As of now, the momentum is strong, and the RSI Divergence Indicator evidences the potential for continuation.