In This Article:
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BONK leads with a 16% gain and high trading volumes on Coinbase, outpacing other memecoins like DOGE and SHIB.
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Technical analysis shows BONK's breakout from consolidation, suggesting potential growth; it's seen as undervalued compared to peers.
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Deflationary actions aim to increase BONK’s value, with a target of 1 trillion tokens to be burned by December.
Fresh bitcoin (BTC) highs and a round of memecoin listings on influential exchanges Coinbase and Robinhood have brought attention back to large cap memecoins, with BONK setting new highs on renewed trading interest and a lofty token burn target.
BONK surged 16% over the past 24 hours to lead gains among majors and large cap memes on $2.6 billion in trading volumes — a relatively large figure for the Solana-based dog token.
On Coinbase, it led memecoin trading volumes at $384 million in the past 24 hours, higher among dogecoin (DOGE), pepe (PEPE), shiba inu (SHIB) and dogwifhat (WIF) — suggesting a bump in retail and institutional preference for the token on the exchange.
Meme coins often see rapid price increases due to viral marketing, community enthusiasm, and speculative trading based mainly on narratives rather than having technical backing.
Bonk was created in December 2022 in the aftermath of the FTX exchange collapse by 22 developers from the Solana ecosystem, as CoinDesk reported in early 2023.
What Traders Say
Price chart data shows BONK has broken out from consolidation patterns, showing a bounce off a triple bottom on its weekly chart against the SOL/USD trade pair, Bonk core contributor @iamkadense pointed out an X post as part of a bullish thesis on the token.
The thesis is that SOL’s outperformance may drive attention to BONK as a beta bet on the broader ecosystem, a market behavior that often shows up during times of demand.
A triple bottom is a bullish chart pattern used in technical analysis characterized by three equal lows followed by a breakout above resistance.
Traders such as @theunipcs—who famously turned a $16,000 trader into over $18 million on Bonk and continues to hold the position—say the low unit bias, Coinbase trading volumes, and relatively low market cap compared to DOGE or SHIB add to BONK appeal for new traders.