The BONK Bomb: Solana Meme Coin Gets Extra 200% Boost To Its 7,000% Value Appreciation

Christian Encila

1 year ago

3 mins read

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The price of some digital assets has reached an all-time high due to the recent growth in the bitcoin market. The unprecedented upswing in the cryptocurrency market has not only been good to tokens of decentralized protocols, but also meme coins like Bonk Inu (BONK). Today marked a new high for the token as its price increased by more than 200% in the weekly timeframe.

Solana’s meme coin Bonk has been on a tremendous bull run for quite some time, with a price increase of over 7,000%, indicating the strengthening of the Solana ecosystem.

BONK Surges: A Crypto Standout

November saw a sharp 1,000 surge in BONK’s value, making it one of the most profitable assets in the cryptocurrency market to date. The general upward trend in the cryptocurrency market in the first part of the month is partially the reason for this growth.

Source: TradingView / BONKUSDT

The BONK price has consistently produced large bullish candles since breaking out of the bearish trend it had been in since the start of the year. The majority of meme currencies are not moving very much, but BONK is experiencing high trade frequencies that are causing many bull runs.

Even though there was a slight decline in price, the bulls’ overwhelming domination kept the price above the gains. Considering that the volume has now turned to its advantage, the uptrend should last until the end of the month.

Based on the technical indications, there is no sign that the bullish momentum will abate anytime soon. At the moment, BONK is experiencing a strong positive trend, with its price hitting an exponential high of $0.0000152. Interestingly, the prior high at $0.0000100 has become a level of support.

BONKUSD currently trading at $0.00001360 territory on the daily chart: TradingView.com

The 89th position on the Relative Strength Index (RSI) indicates an overbought zone. Extended green histograms on the Moving Average Convergence Divergence (MACD) indicate a strong bullish trend.

BONK’s Ascent Faces Resistance Challenges

BONK will encounter early resistance near its new all-time high of $0.0000133299 if it continues to rise. Above that, the extended Fib -0.236 level at $0.0000156963 and Fib -0.382 at $0.0000171293 are targets for higher moves. Volume is still high, indicating that people are still interested in BONK as it rises.

BONK seven-day price action. Source: Coingecko

Meanwhile, some fortunate Solana ecosystem participants stand to gain greatly from the skyrocketing price of the meme coin. Solana gave away $10 worth of BONK tokens when it released its Saga smartphone back in April. Those tokens are now worth over $11,500 because BONK is now over 1,000 times the price since then.

For those who are still holding onto their BONK airdrops, this has already been a transformative experience. Even in the wildest meme coin theories, gains of over a thousand percent are practically unheard of.

Furthermore, given the continued growth of the cryptocurrency industry overall, it is possible that Solana and the meme coin community will continue to surprise us in the future given the persistent enthusiasm and risk-taking behavior.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.