- PONKE market bulls performed well in October, delivering the most significant price recovery since the July-August pullback
- PONKE could be the next Solana-based memecoin to hit a jackpot
Solana-based PONKE, one of the fastest growing memecoins of 2024, ended October with an 80% increase. As expected, the memecoin’s impressive performance has renewed hopes that its market capitalization could soon reach $1 billion.
PONKE has so far secured a spot among the best-performing Solana memecoins of 2024. This monkey-themed memecoin rose more than 8,500% from its lowest price level since its IPO.
PONKE traded at a low of $0.0093 in December 2023, but eventually managed to reach a parabolic price. The memecoin maintained this trajectory until June, when it peaked at $0.71. This historic performance highlighted the strong demand and long-term bullish optimism within the PONKE community. Something that has undoubtedly paid off.
Source: TradingView
Since then, heavy liquidity outflows have occurred, leading to a 70% pullback from the ATH. However, this was a naturally expected outcome since the price made its first parabolic move. This retracement bottomed on September 6.
PONKE has since begun a recovery and October’s performance is built into that trajectory. At the time of writing, the memecoin was valued at $0.512, thanks to a 91% increase from its lowest price level in October.
However, despite this performance, the RSI rose to 66.41 – a sign that the price cannot yet be considered overbought. According to the price chart, the next major resistance level is likely to be around $0.66.
How close is PONKE to a $1 billion market cap?
The team behind the popular memecoin recently launched a decentralized exchange called PonkeSwap. Recently reports also revealed that the amount of PONKE staked to provide liquidity in the DEX increased to 16.04 million tokens.
Here it is worth pointing out that the amount staked was approximately 2.88% of the circulating supply of the memecoin. While this doesn’t necessarily push the price floor up by a large margin, it did underline the optimism underlying PONKE’s latest price action.
The bullish optimism and focus on long-term profits have contributed to PONKE’s uptrend so far. The rapid recovery from September’s lows confirmed that these sentiments are still in play and so PONKE’s market capitalization is likely to continue rising.
PONKE had a market capitalization of $278 million at the time of writing – more than double its market capitalization at its lowest level in September. This could mean that PONKE is now well positioned to take advantage of the liquidity flowing back into the market in the coming months.