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Bonk (BONK) Jumps 7% Amid Crypto Market Recovery

The recent crypto market recovery drove the price of Bonk (BONK), a Solana-based meme coin, up by 7% to $0.00001274. The overall cryptocurrency market rose by 5% in the last 24 hours, with BONK gaining 26% for the week.

Recent Price Action and Market Metrics

Despite losing 13.5% over the past month, BONK is still up an impressive 1,400% for the year as per data from TradingView. The recent interest in BONK from investors suggests a potential new rally could be underway for the coin.

BONK’s relative strength index (RSI) recently rose to 60 but has since seen a slight dip. BONK’s 30-day moving average also exhibits a shallow ascent against its 200-day moving average, indicating weak buying pressure. Meanwhile, BONK’s 24-hour trading volume of $120 million is significantly lower than early January’s $500 million and mid-December’s $1.5 billion.

Whale Activity and Market Outlook

According to data from Solscan, there have been no significant whale transfers of BONK recently. However, one big BONK whale does continue to hold onto $4 million in BONK. The upcoming Bitcoin halving event and rising Bitcoin ETF volumes could boost demand for cryptocurrencies across the board, including BONK. Some predictions suggest BONK’s price could climb to $0.000020 in the coming months and $0.000030 later in the year.

Other Solana Meme Coins on the Rise

Smog (SMOG), another Solana-based meme token, has seen its price soar over 1,500% since its listing on February 7. SMOG differentiates itself with an airdrop system that incentivizes long-term holding. SMOG has an allocated max supply of 1.4 billion tokens, with 35% for airdrops, 50% for marketing, and 15% for liquidity. It also offers staking yields of up to 42% APY. SMOG can currently be purchased on Jupiter, Birdeye, or via its official website.


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