Launched on December 25, 2022, the cryptocurrency BONK is demonstrating strong bullish momentum after completing a corrective wave. This resurgence is underpinned by technical indicators and the prospect of a token burn.
Current Bullish Momentum of BONK
After shedding nearly 30% of its value following a 2.025 trillion token burn, BONK is now showing signs of recovery. It is currently among the top-performing memecoins, alongside Dogecoin, SHIB, and PEPE.
BONK Price Analysis
Currently, BONK is trading at $0.00001703 with a 0.43% increase over the past 24 hours, recovering from a low of $0.0000089. The current market indicates that wave (iv) has bottomed out and wave (v) may soon commence, with projected price levels reaching $0.00002200–$0.00002600.
Massive Token Burns and Their Impact
Earlier this year, the BONK team burned over 2 trillion tokens to reduce the circulating supply. A new burn of 1 trillion tokens is anticipated, which could ignite renewed demand and price action, supporting the ongoing bullish trend.
BONK's potential growth is bolstered by an upcoming token burn and an engaged community. Sustaining key price levels will create favorable conditions for further increases.
