- BONK becomes among the most traded coins on Coinbase.
- Gradual market correction sends BONK down 27% in a week.
- Pro traders unveil needed conditions to spot BONK’s bottom.
Solana’s Bonk (BONK) is in the spotlight again, as the largest American crypto platform, Coinbase, reported a surge in trading activity. While still a newcomer in centralized exchanges, BONK encompassed $33.6 million in trading volume over the last 24 hours on Coinbase.
By this metric, BONK outshines the largest canine coins, Dogecoin (DOGE) and Shiba Inu (SHIB). Dogecoin’s trading activity totaled $21,282,019, while Shiba Inu’s $12,128,347 over the same period. This signifies a notable change in behavior among traders, moving from traditional memecoins to fresher alternatives.
Pro Trader Spots BONK’s Accumulation Zone
Originally launched in early 2023, Bonk rose from the ashes in November, along with Solana’s renaissance. While Solana (SOL) recently hit a new yearly high of $123 on Christmas Day, BONK enjoyed an extraordinary run from a single-digit market cap in late October to a TOP 50 contender by global market cap now.
BONK went bonkers this month with a 308.8% upswing, mostly fuelled by top crypto exchange listings . The coin plays a key role in community engagement, as $BONK is often the top choice for airdrops to SOL community members.
A 30M BONK free airdrop offering sparked a buying spree of the Solana SAGA Web3 phone in the United States, with the phone going on eBay for ten times the original price. Naturally, these developments sparked more optimism, with many crypto traders now believing that the bottom is in, given that BONK’s price doesn’t close below $0.000015.
Crypto trader Deep Cipher marks the price range from $0.0000145941 to $0.0000161339 as the accumulation zone. The trader bases his strategy on the fact that BONK has already gained major listings and entered the phased market correction mode a week ago.
On the Flipside
- Counting the trading volume across all tracked centralized and decentralized crypto trading platforms, Dogecoin remains the leader.
- Over the last 24 hours, DOGE fetched $655 million in trading volume compared to BONK’s $253 million and Shiba Inu’s $207 million.
Why This Matters
Memecoins are often the driving force behind the mass adoption of blockchain technology.
Explore DailyCoin’s trending crypto news:
Grayscale and Hashdex Intensify Bitcoin ETF Approval Efforts
Crypto in 2024: 10 Things to Be Excited About in the Next 12 Months
