BONK surges 56% as meme coins gain momentum

2024-02-28 23:24:50

The Solana-based meme coin, Bonk (BONK), has recorded impressive gains as the broader meme coin category rallies.

BONK is up by 56% in the past 24 hours and is trading at $0.000021 at the time of writing. The asset’s market cap surpassed the $1.4 billion mark, making it the 62nd-largest cryptocurrency and third-largest meme coin in the eco

BONK price, social volume and RSI – Feb. 29 | Source: SantimentMoreover, Bonk’s daily trading volume also increased by 178%, reaching $920 million.

According to data provided by Santiment, Bonk’s social volume increased by 320% since Feb. 25. Data shows that the majority of the social activity comes from X and Telegram

Despite the price rally, the largest BONK whales still haven’t made any big movements for profit-taking yet

Data from Santiment shows that Bonk’s Relative Strength Index (RSI) has cooled down in the middle of the price rally — declining from 64 to 63 in the past 24 hours. The indicator suggests that the meme coin is slightly overheated, and some whales might try to sell BONK for profit.

BONK’s price hike comes as Bitcoin’s rally to the $64,000 mark brings bullish momentum to the broader crypto market

According to data from CoinMarketCap (CMC), the total meme coin market cap surged by 32% over the past day — surpassing the $34 billion mark. Dogecoin (DOGE) is still leading the category with a $19 million market cap, followed by Shiba Inu’s (SHIB) $8.3 billion value, per CMC.

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