What BONK’s latest listing means for its price prediction

Journalist

Posted: December 16, 2023

• BONK has risen by over 100% within the final 24 hours.
• The surge got here as Binance introduced the itemizing of the meme coin.

The value of the dog-themed Solana-based token Bonk [BONK] has risen by over 100% within the final 24 hours.

This comes after main cryptocurrency alternate Binance introduced the token’s itemizing and the graduation of spot buying and selling for a number of buying and selling pairs on fifteenth December.

#Binance will checklist @bonk_inu $BONK with Seed Tag utilized.

https://t.co/BVs6KjrRvK pic.twitter.com/AKB6mlwnkL

— Binance (@binance) December 15, 2023

BONK’s itemizing on Binance follows its inclusion on KuCoin and Coinbase as a tradeable asset.

With a 314% surge in buying and selling quantity recorded within the final 24 hours, the token’s market capitalization has climbed by 123% throughout the identical interval.

In a span of solely 12 hours, information from CoinMarketCap confirmed that BONK has moved from being the 69th largest asset to claiming the forty third place. 

BONK within the final 12 hours

At press time, BONK exchanged palms at $0.00003243. At this worth, BONK’s worth has now surpassed that of Shiba Inu [SHIB], which traded at $0.00000988 per coin as of this writing. 

With the hype across the altcoin within the final 12 hours, BONK’s social discussions have risen to an all-time excessive. In actual fact, BONK conversations make up 7% of all asset talks inside that interval. 

Supply: Santiment

As a result of sudden surge in demand, BONK’s key momentum indicators sat at overbought ranges at press time. Its Relative Energy Index (RSI) was 86.51, whereas its Cash Circulate Index (MFI) was 78.70.

Moreso, its Chaikin Cash Circulate (CMF) resting above zero and in an uptrend signaled liquidity influx into the BONK market. This indicator was 0.21 as of this writing. 

Supply: BONK/USDT on TradingView

Within the token’s derivatives market, buying and selling quantity has elevated by over 254% within the final 24 hours. Throughout that interval, BONK trades totaling $97 million have been accomplished.

There has additionally been a major uptick within the token’s futures open curiosity. At $2.65 million at press time, BONK’s open curiosity has elevated by 102% prior to now 24 hours, information from Coinglass confirmed. 

Curiously, BONK’s funding charges throughout exchanges turned detrimental for the primary time within the final three days. This confirmed that because the token’s worth chased new highs within the final 12 hours, many merchants opened quick positions, betting on a worth decline. 

Supply: Coinglass

Real looking or not, right here’s BONK’s market cap in BTC phrases

All due to BONK

Exercise round BONK prior to now few days has resulted within the progress within the gross sales of the once-struggling Solana cellphone. Solana co-founder Raj Gokal confirmed the surge in gross sales in a latest submit on X.

The rise within the cellphone’s gross sales quantity is tied to the 30 million BONK token airdrop obtainable for each cellphone proprietor. 

lol. simply so everyone seems to be conscious, @solanamobile saga gross sales have >10x’d prior to now 48 hours, and at the moment are on observe to promote out earlier than the brand new 12 months.https://t.co/SzKht4DTYL

— raj (@rajgokal) December 14, 2023