- BONK has surged 15% in 24 hours, hitting a three-month high.
- BONK’s market cap hits $2.5 billion, overtaking FLOKI and claiming the fifth-largest spot among meme coins.
The cryptocurrency market has recently surged, driven by the US Securities and Exchange Commission’s (SEC) approval of Ethereum ETFs. Among the top performers, Ethereum (ETH) has seen a 30% rise over the past month. However, other cryptocurrencies have also posted impressive gains, with some even surpassing Ethereum’s performance.
One standout is Bonk (BONK), a meme coin based on the Solana blockchain, which has soared by 14% in the last day and 40% over the past week. BONK is now trading at approximately $0.00003342, marking its highest value in nearly three months. Its market cap is nearing $2.50 billion, overtaking Floki (FLOKI) as the fifth-largest meme coin. FLOKI currently holds a market cap of $2.20 billion.
Can BONK Sustain Its Recent Highs?
After Coinbase’s announcement of perpetual futures listings for Bonk, FLOKI, and Shiba Inu, the price of BONK surged by over 18%, rising from $0.00003264 to $0.00003734.
Further, analysts suggest that BONK’s rally may continue, with the cryptocurrency breaking out of a two-month consolidation phase. Further, they believe that BONK’s bullish momentum could present buying opportunities if a correction occurs.
However, if BONK maintains a price above $0.00003312, crucial for further gains, it will show potential resistance levels at $0.00003421 and $0.00003576. If these levels are surpassed, BONK could target prices of $0.00003890 and possibly $0.00004021.
Conversely, if BONK fails to hold above $0.000033, it could drop to support levels at $0.00003106 and $0.00002983, potentially leading to a bearish trend toward $0.00002507.
Historical data shows that during its previous cycle, BONK’s price ranged between $0.00002431 and $0.00003738 before reaching its all-time high of $0.00004704.
Additionally, the meme coin Pepe (PEPE) has garnered significant attention, setting a new all-time high on May 23, only to break that record again on May 24. PEPE is now valued at around $0.00001411, reflecting an 80% increase over the past month. Its market cap has surpassed $6 billion, positioning it as the third-largest meme coin and the 20th-largest cryptocurrency overall.
