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Bonk (BONK), the first Solana-based meme coin, has made a spectacular comeback, surpassing its rival Dogwifhat (WIF) to reclaim its position as the leading meme coin on the Solana blockchain.
Bonk has surged 18% to hit an all-time high (ATH) of $0.000058 on November 20, propelling it back on the map, outpacing the once-dominant Dogwifhat (WIF) which had previously flipped it back in March.
Forces driving the current Bonk price rally
Several factors are contributing to Bonk’s success. One of the most significant drivers behind the token’s rally has been its listing on Upbit, South Korea’s largest cryptocurrency exchange.
Following the announcement, Bonk’s daily trading volume skyrocketed by 95%, surpassing $3.5 billion.
Additionally, Bonk’s futures market saw a surge in open interest (OI), reaching an all-time high of $64.12 million according to Coinglass data, signaling a growing demand from investors.
In addition, Bonk has cultivated a strong and active community and has built a dynamic ecosystem around its token.
Since its inception in December 2022, Bonk has become Solana’s “social layer,” driving adoption through projects like BONKbots and BONKSwap.
These projects have cemented Bonk’s position as a cornerstone of Solana’s decentralized finance (DeFi) sector.
Further fueling Bonk’s momentum is the upcoming BURNmas initiative, where Bonk DAO plans to burn one trillion tokens on Christmas Day.
This large-scale token burn aims to reduce the total supply, thereby increasing scarcity and potentially driving up the token’s value even further.
Whale activity has also played a role in Bonk’s rise.
Recently, a whale with a history of profitable meme coin investments spent 3.4 million USDC to acquire 65.4 billion BONK tokens.
The smart whale who previously made $4.84M profit on $POPCAT is buying $BONK! In the past 2 days, he has spent 3.4M $USDC to buy 65.4B $BONK. solscan.io/account/5WV68m… solscan.io/account/AMj54N… x.com/lookonchain/st…
Whale buying often leads to FOMO (fear of missing out) among retail investors, which has contributed to the current bullish trend surrounding Bonk.
What next for Bonk after reclaiming top Solana memecoin spot?
At press time Bonk traded at $0.00005294, after a slight pullback from the $0.000058 ATH following the Upbit listing. It was, however, still trading 4.0% higher over the last 24 hours and 51.5% higher in the past week.
Bonk’s market cap now stands at around $4 billion, surpassing Dogwifhat’s market cap of about $3.2 billion.
With its strong ecosystem, community support, and upcoming initiatives like BURNmas, Bonk’s bullish momentum is expected to continue in the short term with the first resistance level at $0.00006.
If it succeeds in breaking above this resistance level, we could witness a further surge.
On the contrary, if a pullback occurs, investors should have their eyes on the support level at $0.000033, which if broken could lead to a further drop towards $0.000021.
Looking at the technical indicators, the Relative Strength Index (RSI) currently stands at 62.95, signaling that while there is still room for growth before reaching overbought conditions, the bullish momentum could wane if buying pressure diminishes.
Similarly, Bonk’s short-term exponential moving averages (EMAs) remain above its long-term averages, further confirming the ongoing upward trend.
The Ichimoku Cloud indicator also shows that the price is trading above the cloud, suggesting rising support levels in the near term.
Nevertheless, as a meme coin, Bonk (BONK) is particularly vulnerable to shifts in investor psychology and broader market trends. A sudden downturn in sentiment could trigger sell-offs, eroding recent gains.
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