BONK has experienced a significant surge of 15% within a 24-hour period, reaching its highest point in three months. With a market capitalization of $2.5 billion, BONK has overtaken FLOKI and now holds the fifth-largest position among meme coins.
The recent boost in the cryptocurrency market can be attributed to the approval of Ethereum ETFs by the US Securities and Exchange Commission (SEC). While Ethereum (ETH) has performed exceptionally well with a 30% increase in the past month, other cryptocurrencies have also achieved impressive gains, some even surpassing Ethereum’s performance.
One standout in particular is Bonk (BONK), a meme coin built on the Solana blockchain. BONK has soared by 14% in the last day and 40% over the past week. Currently, BONK is trading at approximately $0.00003342, its highest value in almost three months. Its market capitalization is approaching $2.50 billion, surpassing Floki (FLOKI) and ranking as the fifth-largest meme coin. FLOKI currently holds a market capitalization of $2.20 billion.
The recent announcement by Coinbase regarding perpetual futures listings for Bonk, Floki, and Shiba Inu has significantly impacted the price of BONK. It surged by over 18%, rising from $0.00003264 to $0.00003734.
Analysts predict that BONK’s rally may continue as it breaks out of a two-month consolidation phase. They believe that its bullish momentum could present buying opportunities in the event of a correction.
To sustain its growth, BONK must maintain a price above $0.00003312, a crucial level for further gains. If this is achieved, potential resistance levels can be expected at $0.00003421 and $0.00003576. Surpassing these levels may lead BONK to target prices of $0.00003890 and possibly $0.00004021.
On the other hand, if BONK fails to hold above $0.000033, it could experience a drop towards support levels at $0.00003106 and $0.00002983, potentially resulting in a bearish trend towards $0.00002507.
Historical data indicates that during its previous cycle, BONK’s price fluctuated between $0.00002431 and $0.00003738 before reaching its all-time high of $0.00004704.
Another meme coin, Pepe (PEPE), has also attracted significant attention. It set a new all-time high on May 23, only to break that record again on May 24. Currently valued at around $0.00001411, PEPE has witnessed an 80% increase over the past month. With a market capitalization exceeding $6 billion, it now stands as the third-largest meme coin and the 20th-largest cryptocurrency overall.
