Journalist
Posted:
- Whales and traders started selling BONK shortly after the Binance listing.
- The market indicators looked bearish, indicating a further decline in prices.
Bonk [BONK] has achieved a remarkable performance in the past month as its price rose by more than 600%. The rise earned BONK a spot on the list of the top 100 cryptos by market capitalization. However, things are now changing as the token lost double digits in value in the last 24 hours alone.
A look at BONK’s journey
The new meme coin’s price action remained irrelevant for a long time before it launched in early December. If reported According to AMBCrypto, the price increase was so large that it exceeded its value Shiba Inus [SHIB]the second largest meme coin.
Most of this can be attributed to the Binance listing BONK, which fueled investor interest and caused a huge increase in buying pressure.
In the midst of this, Token Unlocks recently posted a tweet revealing BONK’s token allocation. According to the tweet, 64.7 trillion BONK tokens have been unlocked, accounting for 64.7% of the total supply. However, things turned sour for BONK when the daily chart turned red.
📢 We would like to announce this $BONK is now listed on TokenUnlocks, alongside @binance 📢
You will find the acquisition information for this here @bonk_inu 📊:
– 64.57% of $BONK is already unlocked.
– FDV value of $3.0 billion.
– Currently emissions are set at 19.16b $BONK per day… pic.twitter.com/YKoTW4OKgG— Token Unlocks (@Token_Unlocks) December 15, 2023
According to CoinMarketCap, the meme coin is down more than 20% in the last 24 hours. At the time of writing, it was trading at $0.00002415 with a market cap of over $1.47 billion, making it the 51st largest crypto.
Lookonchain’s data shows what may have gone wrong. A trader sold 52.3 billion BONK, worth $927,000, shortly after it was listed on Binance.
If #Binance announced the list of $BONKthe price of $BONK rose above $0.00003, an increase of more than 1000% within a month.
A trader sold 52.3 billion $BONK($927K) today and earned ~$784K.
This trader bought 69B $BONK for ~$0.0000021 and deployed from October 30 to November 29. pic.twitter.com/DxMyv7u66E
— Lookonchain (@lookonchain) December 15, 2023
Not only that, but DWFLabs was also suspected to have poured 50 billion BONK, or $1.6 million, into Binance. This clearly meant that there was an increase in selling pressure, causing the meme coin‘s price plummets.
Is this the end of BONK?
Therefore, AMBCrypto looked at the meme coin’s daily chart to see how long the price decline could continue.
The memecoin’s Relative Strength Index (RSI) and Money Flow Index (MFI) were both in overbought zones, which could put further selling pressure and in turn drive down the memecoin’s price. Nevertheless, the MACD remained in favor of the bulls.
Source: TradingView
It was interesting to see that despite the price drop, the meme coin continued to be a topic of discussion because its social volume was high. Weighted sentiment also rose, meaning positive sentiment around meme coin was dominant.
Source: Santiment
Realistic or not, here it is BONK market cap in BTC‘s conditions
Although the price of the meme coin fell, it did help Solana reach a new milestone.
Solana has announced that 30 million BONK token airdrop will be available to the owners of Saga Phones. This caused demand for mobile phones to skyrocket and Solana recently revealed that it has sold all its Saga units.