Bonk Research Hub | BONK1M information, history and analysis
Bonk is the first Dog-type coin for the Solana community, with 50% of the total supply going to user airdrops. The BONK development team wants to create a fun meme coin where everyone has an equal opportunity.
The project aims to bring liquidity to Dexs on the Solana ecosystem and will launch an OPENBONK. Bonk has now partnered with many prominent projects in the Solana ecosystem such as DEXLAB, Raydium, Solend, Helio….
BONK is the utility token of the Bonk project.
BONK will be Airdrop 50% to the community, divided as follows:
- 20% to Solana NFT collection
- 15% to Early Openbook traders
- 10% to Solana artists and collectors
- 5% to Solana developers
BONK has been failing significantly, with a decline of 10.45% over the last month. In just the past 24 hours, it has lost another 2.03%, indicating a continuing downward trend.
Market liquidity data reveals long liquidations far exceed short liquidations, with $438,000 in long positions compared to only $6,400 in shorts, illustrating a bearish sentiment.
Technical indicators, including the Parabolic SAR and Bull Bear Power, suggest a sustained bearish market environment, reinforcing the likelihood of further price drops for BONK.
Bonk (BONK) has experienced a 5% increase over the last 24 hours, with its price currently at $0.000011. However, trading volume has dramatically decreased from $175 million to $31,300.
Although BONK shows signs of community engagement and potential price recovery, the wider cryptocurrency market remains bearish, with significant declines noted in Bitcoin and Ethereum.
Traders speculate on Bonk’s price movements, identifying resistance at $0.000012. Successful breakouts could signify further gains. However, negative trends may lead to drops if resistance levels are not cleared.
BONK’s trading volume has decreased by more than 26% recently, leading to increased price volatility despite the price remaining stable.
With around 847 million USD in market capitalization, BONK remains among the top-100 cryptocurrencies. Its drop in trading activity points to potential risks for investors.
Despite fewer trades, the rising number of new addresses suggests continued interest in BONK. However, active addresses have declined substantially, indicating lower engagement from existing users.
BONK’s recent breakout suggests a bullish trend, with many analysts suggesting a potential rise towards a target price of 0.000009 USD based on its current trajectory.
The increase in liquidations indicates significant market activity, leading to a likely short squeeze which can further drive the price of BONK up as buyers enter the market.
The rise in speculative trading activity is evidenced by the uptick in the futures to spot volume ratio, which could lead to significant price movements for BONK.
BONK’s daily chart indicates a buy signal from the TD Sequential indicator. This, alongside a triangle formation, hints at possible significant price movements upon a breakout.
While the Whale Index shows selling pressure from large holders, other indicators suggest increased buying interest, leading to expectations of a potential price increase for BONK in the near future.
After the collapse of FTX in 2022, Solana faced serious challenges. The launch of Bonk, a meme coin, served as a turning point, bringing fun back to the network.
Bonk was widely airdropped to Solana developers to promote a positive atmosphere. This initiative succeeded in re-engaging the community.
BONK saw a price increase of 12% driven by heightened interest from REX Shares’ ETF application. The asset surpassed its 20-day EMA, highlighting robust buying momentum supported by a Relative Strength Index of 52.57.
Should the purchasing pressure persist, potential resistance at $0.000033 may be breached, allowing BONK to rise to $0.000038. Conversely, a drop in demand could see the asset decline to approximately $0.000025.
The current price is just below $0.0000338, showing mixed market sentiment. Analysts note that the OBV indicator has risen, reflecting an unclear bullish momentum. Local resistances at $0.000037 may provide profit-taking opportunities.
With the positive performance of Bitcoin ahead of key events, BONK traders are advised to remain cautious of potential bearish shifts, despite some bullish indicators. Moving toward resistance levels could allow traders to optimize profits.
If BONK can hold its ground at 0.000025 USD, it has the potential to rally to 0.000035 USD. However, if it falls below this level, the coin could drop to approximately 0.000016 USD.
Currently, there is strong trader confidence, with 52.98% in long positions. Recent data indicates a significant 4.5 million USD outflow of BONK from exchanges, signaling increasing demand.
BONK has faced a steep decline of 21% within seven days, reflecting a bearish trend in the Memecoin sector. This decline highlights a shift in market sentiment towards memecoins, indicating a potential continued downtrend if conditions persist. The current market sentiment emphasizes selling pressure as traders close their positions.
According to technical indicators, BONK is trading in a descending parallel channel, suggesting a prolonged downtrend due to prevailing selling activity over buying interest. The Chaikin Money FLOW further supports this, indicating BONK is likely in a distribution phase. These trends portend potential challenges unless buying activity increases significantly.
Traders have reportedly reduced speculative activities, with Open Interest dropping by 28% to 14.12 million USD. This reduction could fuel a continued downtrend unless market interest revives. With key liquidation levels at specific price points, these could become critical in driving market behavior and future price movements.