Bonk Price Prediction as Daily Volume Hits $900 Million – Are Whales

Harvey Hunter

Last updated:

May 24, 2024 12:50 EDT

| 2 min read

A surge in BONK’s 24-hour trading volume to $900M hints at possible whale activity, even as the price sees a temporary pullback.

The BONK price has fallen 5.64% in the past 24 hours, decreasing to $0.000033. This comes as the crypto market as a whole has retraced.

BONK is now up 35.43% in the past week, indicating a continuation of its monthly 21.82% price increase.

In the past year, the altcoin has seen an impressive return of 7,990.65%, as per Binance data.

This is significant compared to the returns of major tokens like BTC, ETH, and SOL in the past 12 months, suggesting that BONK is seeing widespread interest among investors.

And with its 24-hour trading volume rising to $902.9 million in the past few hours, it seems that its short-term momentum could hint towards a rebound.

BONK Price Prediction – Are Whales Buying?.

After dipping in the early hours of this morning, it seems that BONK is ready to rebound again.

In particular, its relative strength index (purple) has fallen from 90 to 35 in the past 24 hours. This suggests BONK is oversold, indicating it might be undervalued and a price bounce could be forthcoming.

Other indicators support this, such as the continuation of a positive trendline (Yellow). This suggests that the recent retrace was temporary and does not signal a complete shift in momentum.

Additionally, the meme coin’s 30-day moving average (orange) is trending upward above the 200-day average (blue) in a continuation from the past week, confirming the continued uptrend.

Supporting this view is the coin’s trading volume, which, at $900 million, has gained by 33% in only the past week. This hints towards some potential large hands flooding into the market.

while BONK is a meme token with no real fundamentals of its own, it often rides market-wide waves.

Therefore, the return of 2021 market catalyst Roaring Kitty, the trader known for sparking the GameStop frenzy as well as the recent approval of multiple US Ethereum Spot ETFs may act as catalysts to propel BONK further.

The Bonk price could, therefore, reach $0.000040 within the summer.

Alternative Meme Coins for Big Rallies.

Given that BONK has already accumulated a $1.7B market cap, it is in question whether truly impressive gains are...

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