Solana (SOL) has reached a new 22-month high, demonstrating a remarkable 28% uptrend over the past month. However, the Solana-based meme coin, Bonk Inu (BONK), has captured investors’ attention with its explosive performance last month.
Bonk Inu Outperforms PEPE
According to CoinGecko data, BONK has achieved a staggering 102% price uptrend in the last 7 days and an impressive 103% increase in the past month, reaching a trading price of $0.00002510 and attaining a 3-month high.
In addition, the meme coin has experienced significant growth in market capitalization, reaching $1.6 billion and surpassing renowned tokens such as Pepe Coin (PEPE) to secure the 66th position among all cryptocurrencies, highlighting the growing interest in BONK as the cryptocurrency market experiences a resurgence of bullish sentiment fueled by Bitcoin’s (BTC) price uptrend.
Accumulating data from blockchain company Lookonchain shows the growing interest in Bonk Inu. In addition to the 50% increase in a single day, one wallet reportedly accumulated 98 billion BONK ($1.54 million) from the centralized crypto exchange (CEX) Binance just before the price increase.
According to Lookonchain, the SmartMoney wallet currently holds 319.44 billion BONK tokens worth approximately $7 million, enjoying a profit of $2.9 million, which could have further contributed to the price surge in the past 24 hours.
As of the latest update, the trading volume of Bonk Inu stands at $794,842,219 in the last 24 hours, demonstrating a substantial 74.30% increase compared to the previous day. This surge in trading volume indicates a recent rise in market activity surrounding the meme coin, reflecting growing investor participation and attention.
Potential Pullback Ahead?
As the token enjoys one of its best trading months since its launch, crypto analyst Altcoin Sherpa expressed positive sentiment towards Bonk Inu, highlighting its potential for further growth.
Altcoin Sherpa stated that Bonk Inu looks promising due to its relative underperformance compared to other meme coins, coupled with a notable uptrend pattern. The analyst wouldn’t be surprised to see Bonk Inu target previous highs and make further gains, although he suggested that a potential pullback may occur.
As the analyst suggests, the $0.00001940 price level may serve as a crucial support level for the BONK token in the event of a potential pullback…
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