- BONK’s market cap faces a threat from new entrants like WIF.
- Despite a price surge, the meme coin struggled for market dominance.
In the bustling arena of meme coins, where Dogecoin [DOGE], Shiba Inu [SHIB], and Pepe [PEPE] were thriving, BONK [BONK] struggled to secure a noteworthy position.
Despite a surge in its price, BONK lagged in terms of market capitalization, facing stiff competition from both established and new entrants.
While DOGE, SHIB, and PEPE dominated the meme coin market, BONK’s inability to match their market capitalization has become evident.
The allure of these established meme coins eclipsed BONK’s growth, leaving it overshadowed in the competitive landscape.
BONK has a tough time
Adding to BONK’s challenges, newcomers like WIF were rapidly gaining traction, posing a potential threat to the token’s standing in the market.
The influence of meme coins within the Solana [SOL] network further contributed to BONK’s declining market capitalization.
As interest in new meme coins witness a rise, traders interested in the sector may look for newer alternatives.
Price remains steady
Despite the struggle for market dominance, BONK’s price demonstrated resilience, surging by 12.41% in the last 24 hours.
The bullish flag pattern observed over the week signaled potential further growth, with the price potentially reaching the $0.00001749 resistance level.
The Relative Strength Index (RSI) at 78.04 indicated potential overbought conditions, requiring careful monitoring for potential corrections.
AMBCrypto’s examination of BONK’s market sentiment showed that the Chaikin Money Flow (CMF) stood at 0.12 at press time, suggesting positive money flow.
The volume also surged by an impressive 74.33% in the last 24 hours, a factor that may contribute to BONK’s price dynamics.
Source: Trading View
Analyzing sentiment
However, social dynamics presented a mixed picture. While overall Social Volume declined significantly, Weighted Sentiment experienced substantial growth over the past few days.
Thus, while overall discussions around BONK decreased, the prevailing sentiment was increasingly positive, potentially influencing investor behavior.
Source: Santiment
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In contrast, the percentage of short positions against BONK grew to 52%, indicating a significant bearish sentiment among traders.
This may stem from concerns about BONK’s market standing and its ability to compete effectively against other meme coins.
Source: Coinglass
