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- Whales and merchants began to promote BONK quickly after the Binance itemizing.
- Market indicators seemed 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%. Because of the uptick, BONK earned a spot within the record of the highest 100 cryptos by market capitalization. Nonetheless, issues have now began to alter because the token shed its worth in double-digits within the final 24 hours alone.
A take 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 worth 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 traders, inflicting an enormous hike in shopping for stress.
Amidst this, Token Unlocks not too long ago 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. Nonetheless, issues turned bitter for BONK as its day by day chart turned crimson.
📢 We’re excited to announce that $BONK is now listed on TokenUnlocks, along with @binance 📢
This is the vesting data for @bonk_inu 📊:
– 64.57% of $BONK has already been unlocked.
– FDV worth of $3.0 billion.
– Presently, emissions are set at 19.16b $BONK per day… pic.twitter.com/YKoTW4OKgG— Token Unlocks (@Token_Unlocks) December 15, 2023
In line with 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, value $927 thousand, quickly after it obtained listed on Binance.
As #Binance introduced the itemizing of $BONK, the worth of $BONK rose above $0.00003, a rise of greater than 1000% inside a month.
A dealer offered 52.3B $BONK($927K) immediately 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 stress, inflicting the meme coin’s value to plummet.
Is that this BONK’s finish?
Due to this fact, AMBCrypto took a take a look at the meme coin’s day by day chart to see how lengthy the worth decline may proceed.
The memecoin’s Relative Energy Index (RSI) and Cash Move Index (MFI) have been each in overbought zones, which may exert additional promote stress and, in flip, push the meme coin’s value down. Nonetheless, the MACD continued to stay within the bulls’ favor.
Supply: TradingView
It was fascinating to see that regardless of the drop in its value, the meme coin remained a subject of dialogue as its social quantity was excessive. Its weighted sentiment additionally spiked, which means that constructive sentiment across the meme coin was dominant.
Supply: Santiment
Sensible 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 not too long ago revealed that it has offered all of its Saga models.
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