Bonk
BONK price’s 82% hike a sign of memecoin mania – New predictions?
The Solana-based memecoin logged consecutive price uptrends in the past few days.
- BONK has risen by over 50% in the past couple of days.
- SOL has also increased to over $130 in the last few days.
There was a recent accumulation of Bonk [BONK] before its price surged, placing the wallet in a profitable position. As the memecoin’s price rose, the token of its host network, Solana, also witnessed consistent upward trends.
Interestingly, Bonk has also become the third largest memecoin, behind only Dogecoin [DOGE] and Shiba Inu [SHIB], with a market cap of $1.3 billion at press time.
Wallet accumulate over 300 billion BONK
Data from Lookonchain showed a substantial accumulation of the Solana-based memecoin by a single wallet.
The information showed that the wallet recently amassed 98 billion Bonk tokens valued at $1.54 million from the Binance exchange.
Further analysis of the wallet indicates a current holding of over 319 billion tokens, amounting to approximately $7 million. Given the significant uptrend in the token’s price observed recently, the wallet is now holding a profit nearing $3 million.
BONK price boosts by double-digit
An examination of BONK on a daily timeframe chart reveals a consistent uptrend over the past seven days. Notably, in four of the last seven days, it experienced consecutive double-digit increases.
On 26th February, the increase surpassed 12.8%, followed by a 10.6% increase on 27th February, a remarkable surge of over 28% on 28th February, and another over 15% increase on 29th February.
This trend stands out as the first of such prolonged consecutive increases, and notably, it marked the first time BONK recorded a single-day increase exceeding 28%.
Source: Trading View
It is of particular significance that, following its Coinbase listing, this marked the first time the Solana-based memecoin entered the overbought region.
At the time of this writing, the Relative Strength Index (RSI) was above 80, signaling a bull trend and an overbought state for the token.
Also, at the time of this writing, it was trading with a less than 1% increase, continuing the streak of uptrends.
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Solana displays similar positive trends
Like its memecoin counterpart, Solana has recently exhibited positive patterns. The chart illustrates an increase of over 9% on 27th February, followed by another rise of over 5% the next day.
At the time of this writing, it was trading with an over 7% increase, with its price surpassing $130. Like BONK, Solana has a strong bull trend, as suggested by its RSI, albeit it is gradually entering the overbought zone.
Source: Trading View
