In recent days, the cryptocurrency market has seen an overall decline, yet the meme coin BONK is experiencing significant growth. This article examines the contributing factors behind its price surge.
Overall Trends in the Crypto Market
According to recent data, most cryptocurrencies have fallen in price by more than 3% in the past day. This troubling trend has affected major currencies like Bitcoin and Ethereum, while the price of BONK moves in the opposite direction.
Factors Driving BONK's Rise
One of the key factors driving BONK's rise was its inclusion on Grayscale's monitoring list on July 14. This announcement sparked intense interest among traders, who viewed it as a bullish signal, leading to a sharp increase in trading volumes. Additionally, on-chain data has shown large investors accumulating significant amounts of BONK near the $0.000026 level. The project Bonk.fun also generated substantial fees, which are being used for daily buybacks of BONK.
Technical Analysis of BONK
According to the 4-hour chart, BONK's price continues to follow an upward trendline originating from the low of July 11. The latest candles are testing support levels between $0.00002730 and $0.00002750. If this level holds, upward movement is likely. However, a drop below $0.00002650 could negatively affect short-term prospects.
In conclusion, BONK is showing increasing investor interest and positive momentum despite the general downturn in the cryptocurrency market. Traders remain hopeful for further growth as they watch for future price moves.
