BONK’s Bullish Week: Trading Volume Explodes – Here’s What to Expect Next
Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...
Its been a very bullish week for Bonk (BONK), with the crypto having pumping up an impressive 16.4% according to TradingView.
Bonk, one of the leading meme coins on Solana and the fifth ranked meme coin by market cap, is now up 30% versus its earlier monthly lows.
Its latest push higher comes amid surging trading volumes. Per Yahoo Finance, $223 million in BONK changed hands across major exchanges on the 26th of September.
That’s the most in trading volume on any one single day since the 6th of August, and the day isn’t even over yet.
Bonk’s rally from the September lows comes in tandem with a rise seen across the crypto space.
The Fed initiated an interest rate cutting cycle last week and that, combined with declining fears of a near-term US recession, has spurred a pick-up in risk appetite.
A new rate cutting cycle should significantly improve liquidity conditions in global markets, a positive for risk assets.
And some are now predicting the return of a new meme season.
Looks like meme season is coming back.
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