Bonk Price Prediction as $240 Million Trading Volume Floods In – Are Whales Buying?
The Bonk price has dipped by 2.5% in the past 24 hours, slipping to $0.00002603 on a day when the crypto market as a whole has lost 1.5%.
BONK is actually up in the past hour, however, while the popular meme coin has gained by 17% in the past week and by 118% in the last 30 days.
It’s also significant that BONK sits on an impressive 4,800% increase in the past year, with the meme token retaining much of this momentum in the past couple of months.
And with its 24-hour trading volume rising to $250 million in the past few hours, it seems that its short-term momentum could possibly cause a new rebound.
After dipping in the early hours of this morning, it seems that BONK is ready to rebound again.
In particular, its relative strength index (purple) has bounced from nearly 40 to 50 in the past hour, signaling a potential move upwards.
At the same time, its current price has once again jumped above its 30-day average (yellow), a sign that it could be on the brink of breaking out.
Supporting this view is the coin’s trading volume, which, at $250 million, has gained by 200% in only the past couple of days.
Having said that, this actually represents an 86% decline in relation to where it was at the start of the month.
As such, it’s entirely arguable that most whales are still ignoring the token, although a small minority are still sitting on fairly large BONK holdings.
Today the price of $BONK has increased by more than 50%!
A SmartMoney accumulated 98B $BONK($1.54M) from #Binance again before the price increased.
He currently holds 319.44B $BONK($7M), with a profit of $2.9M.https://t.co/1oXGa1QlKp pic.twitter.com/TXYw2H07yz
— Lookonchain (@lookonchain) February 29, 2024
In fact, the whale above – who we have mentioned previously – is now
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