- Whales and merchants began to promote BONK quickly after the Binance itemizing.
- Market indicators appeared bearish, suggesting an additional drop in value.
Bonk [BONK] has showcased a noteworthy efficiency during the last month as its value rallied by over 600%. Due to the uptick, BONK earned a spot within the listing of the highest 100 cryptos by market capitalization. Nevertheless, issues have now began to vary because the token shed its worth in double-digits within the final 24 hours alone.
A have a look at BONK’s journey
The brand new meme coin’s value motion remained irrelevant for an extended time period earlier than it took off originally of December. As reported by AMBCrypto, the value hike was to such an extent that its worth surpassed Shiba Inu’s [SHIB], which is the second largest meme coin.
Most of this may be attributed to Binance itemizing BONK, which ignited curiosity amongst buyers, inflicting a large hike in shopping for strain.
Amidst this, Token Unlocks just lately posted a tweet revealing BONK’s token allocation. As per the tweet, 64.7 trillion BONK tokens have been unlocked, which accounted for 64.7% of its complete provide. Nevertheless, issues turned bitter for BONK as its each day chart turned purple.
📢 We’re excited to announce that $BONK is now listed on TokenUnlocks, along with @binance 📢
Here is the vesting data for @bonk_inu 📊:
– 64.57% of $BONK has already been unlocked.
– FDV worth of $3.0 billion.
– At the moment, emissions are set at 19.16b $BONK per day… pic.twitter.com/YKoTW4OKgG— Token Unlocks (@Token_Unlocks) December 15, 2023
Based on CoinMarketCap, the meme coin was down by greater than 20% within the final 24 hours. At press time, it was buying and selling at $0.00002415 with a market cap of over $1.47 billion, making it the 51st largest crypto.
Lookonchain’s information identified what may need gone improper. A dealer offered 52.3 billion BONK, price $927 thousand, quickly after it received listed on Binance.
As #Binance introduced the itemizing of $BONK, the value of $BONK rose above $0.00003, a rise of greater than 1000% inside a month.
A dealer offered 52.3B $BONK($927K) at this time and made ~$784K.
This dealer purchased 69B $BONK at ~$0.0000021 and staked from Oct 30 to Nov 29. pic.twitter.com/DxMyv7u66E
— Lookonchain (@lookonchain) December 15, 2023
Not solely that, nevertheless it was suspected that DWFLabs additionally deposited 50 billion BONK, or $1.6 million, into Binance. This clearly meant that there was a rise in promoting strain, inflicting the meme coin’s value to plummet.
Is that this BONK’s finish?
Due to this fact, AMBCrypto took a have a look at the meme coin’s each day chart to see how lengthy the value decline may proceed.
The memecoin’s Relative Energy Index (RSI) and Cash Movement Index (MFI) have been each in overbought zones, which may exert additional promote strain and, in flip, push the meme coin’s value down. Nonetheless, the MACD continued to stay within the bulls’ favor.
It was attention-grabbing to see that regardless of the drop in its value, the meme coin remained a subject of debate as its social quantity was excessive. Its weighted sentiment additionally spiked, that means that optimistic sentiment across the meme coin was dominant.
Real looking or not, right here’s BONK market cap in BTC‘s phrases
Although the meme coin’s value dropped, it did assist Solana obtain a brand new milestone.
Solana introduced that 30 million BONK token airdrop will likely be obtainable to the house owners of Saga phones. This skyrocketed the cellular’s demand, and Solana just lately revealed that it has offered all of its Saga items.