In an intriguing flip of occasions, aligning with the bullish sentiment prevailing inside the broader crypto market, Bonk, a meme coin, gained important traction throughout the worldwide crypto realm because it surged almost 30% right now, February 29. This surge by the meme coin promptly garnered noteworthy consideration as a Smart Money’s accumulation, pushing the value up, surfaced throughout the crypto horizon.
Insights unveiled by Lookonchain revealed a staggering 98 billion BONK acquired from Binance, one of many world’s main cryptocurrency exchanges. This accumulation seems to be primarily liable for the bullish local weather BONK painted right now, nabbing the eye of crypto market merchants and traders.
Today the value of $BONK has elevated by greater than 50%!
A SmartMoney gathered 98B $BONK($1.54M) from #Binance once more earlier than the value elevated.
He at the moment holds 319.44B $BONK($7M), with a revenue of $2.9M.https://t.co/1oXGa1QlKp pic.twitter.com/TXYw2H07yz
— Lookonchain (@lookonchain) February 29, 2024
Derivatives knowledge unveiled by Coinglass additional hinted at an uptrend prevailing inside the market, with traders portraying confidence within the asset. This birthed bullish sentiments for BONK, propelling market optimism for the meme coin.
Navigating BONK’s Unexpected Surge
Over the previous seven days, following a sluggish efficiency until February 26, BONK gained a gradual upward momentum, till the above-mentioned whale accumulation lastly pushed the value up considerably. BONK’s provide took a large hit with this whale accumulation, ensuing within the abovementioned pump.
Meanwhile, technical indicators portrayed a powerful shopping for sentiment for BONK inside the market as of press time. While it’s value noting that additional whale accumulations may push the costs up considerably, the present RSI hints at an overbought situation prevailing inside the market, fueling further speculations on BONK. This probably paves the street for BONK to rally forward, reaching a brand new ATH if whales proceed accumulating additional.
However, because the essential resistance of $0.000024- $0.000028 nears, a detailed above it’d impede the meme coin’s upward trajectory on account of a crushing inclination to promote the asset. Nonetheless, a maintained shut above the mark probably carves out the trail for additional pumps.
With the upcoming Bitcoin halving birthing a bullish sentiment amongst crypto market merchants and traders, scaling of a brand new ATH probably looms for BONK, because it may soar alongside different altcoins. Further, if market bulls want to pump the coin additional, avoiding the temptation to promote on the earliest revenue signal stays essential.
Also Read: KuCoin Partners Revolut for Euro On-Ramp Amid Bitcoin’s Splendid Rally
BONK Price Rallies
As of writing, the BONK price famous an uptick of a whopping 30.23% over the previous 24 hours and is at the moment buying and selling at $0.0000214. The meme coin birthed immense market optimism with a weekly surge of 76.92%.
Derivatives knowledge unveiled by the tracker Coinglass additional hinted at an uptrend available in the market, mirroring BONK’s pump. The open curiosity rose 27.10%, reaching $9.40 million, whereas quantity surged 139.72%, reaching $269.43 million. This signaled substantial new cash getting into the market, with burgeoning market exercise.
Additionally, the OI-weighted funding charge additionally surged phenomenally, at the moment resting at 0.1021%. This indicated a way of readiness amongst merchants to speculate extra in sustaining lengthy positions in BONK, including as much as the bullish local weather painted by the meme coin.
Aligning with this bullishness, crypto market fanatics count on to see bolstered costs forward with continued whale accumulations as a powerful shopping for sentiment prevails. However, merchants and traders could witness a flipside if a promoting stress at or above the resistance takes over.
Also Read: Bitcoin Crash: Key Reasons Behind BTC Retreat After Rallying To $64K
The introduced content material could embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.
