Journalist
Posted:
- BONK is up more than 100% in the last 24 hours.
- The surge came as Binance announced the listing of the meme coin.
The price of the dog-themed Solana-based token Bonk [BONK] has risen more than 100% in the last 24 hours.
This comes after leading cryptocurrency exchange Binance announced the listing of the token and the start of spot trading for multiple trading pairs on December 15.
#Binance will enumerate @bonk_inu $BONK applied with Seed Tag.
https://t.co/BVs6KjrRvK pic.twitter.com/AKB6mlwnkL
— Binance (@binance) December 15, 2023
BONK’s listing on Binance follows its inclusion on KuCoin and Coinbase as a tradable asset.
With a 314% increase in trading volume in the last 24 hours, the token’s market capitalization has increased by 123% over the same period.
In a span of just 12 hours, data from CoinMarketCap showed that BONK has moved from the 69th largest asset to the 43rd position.
BONK in the last 12 hours
At the time of writing, BONK was exchanging hands at $0.00003243. At this value, BONK’s price has now surpassed that of Shiba Inu [SHIB]which at the time of writing was trading at $0.00000988 per coin.
With the hype surrounding the altcoin over the past twelve hours, BONK social discussions have reached an all-time high. BONK conversations even make up 7% of all asset conversations during that period.
Source: Santiment
Due to the sudden increase in demand, BONK’s key momentum indicators were at the overbought level at the time of writing. The Relative Strength Index (RSI) stood at 86.51, while the Money Flow Index (MFI) stood at 78.70.
Moreso, whose Chaikin Money Flow (CMF) remained above zero and was in an uptrend, indicated an influx of liquidity into the BONK market. This indicator was 0.21 at the time of writing.
Source: BONK/USDT on TradingView
On the derivatives market for tokens, trading volume has increased by more than 254% in the past 24 hours. During that period, BONK transactions totaling $97 million were completed.
There has also been a significant increase in the token’s open futures interest. At $2.65 million at the time of writing, BONK’s open interest has risen 102% in the past 24 hours, data from Mint glass showed.
Interestingly, BONK funding rates on the exchanges have turned negative for the first time in the past three days. This showed that as the token’s price pursued new highs over the past 12 hours, many traders opened short positions and bet on a price drop.
Source: Coinglass
Realistic or not, here is BONK’s market cap in BTC terms
All thanks to BONK
The activity around BONK in recent days has resulted in sales growth for the once-struggling Solana phone. Solana co-founder Raj Gokal confirmed the increase in sales in a recent post on X.
The increase in sales volume of the phone is tied to the 30 million BONK token airdrop available to every phone owner.
LOL. so that everyone knows, @solanamobiel Sales of the saga have increased >10x in the last 48 hours and are now on track to sell out before the new year.https://t.co/SzKht4DTYL
— raj
(@rajgokal) December 14, 2023