BONK rallies 26%, social activity nearly doubles

The Solana-based meme coin Bonk (BONK) has emerged as the highest gainer among the many high 100 cryptocurrencies with its social exercise virtually doubling.

BONK’s value has seen a 26% surge prior to now 24 hours and is buying and selling at $0.0000127 on the time of writing. Following the rally, Bonk’s market cap surpassed the $800 million mark, making it the 81st-largest crypto asset.

BONK value, social quantity and RSI – Jan. 9 | Supply: Santiment

The meme coin’s every day buying and selling quantity elevated by 160%, reaching $326 million. Knowledge exhibits that a considerable amount of BONK’s buying and selling quantity, 36.2%, comes from Binance with the USDT buying and selling pair. 

Regardless of the latest rally, Bonk continues to be down by 63% from its all-time excessive of $0.000034 on Dec. 15, 2023.

In accordance with knowledge offered by Santiment, Bonk’s social quantity recorded a 97% rally over the previous 24 hours. Knowledge exhibits that almost all of the social exercise comes from Telegram and X.

Furthermore, BONK might even face an additional value rally. Per Santiment, the asset’s Relative Power Index (RSI) is presently standing at 32. This indicator means that Bonk hasn’t confronted robust promoting strain but.

For Bonk to remain within the bullish zone, its RSI would wish to remain under the 50 mark. 

Another excuse for Bonk’s rally may very well be the OKX itemizing. On Jan. 8, the Seychelles-based crypto trade introduced to checklist BONK and Jito (JTO) on its spot buying and selling platform with withdrawals starting on Jan. 9.

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