The price of Bonk has experienced a remarkable surge, increasing by 55% within a 24-hour period, reaching a notable value of $0.00002431 at press time.
This surge in price coincides with a significant uptick in trade volume, which soared to $985 million over the same 24-hour period, marking an impressive 83% increase in trading activity.
In a noteworthy development, Bonk, a meme coin based on the Solana blockchain, has surpassed PEPE in terms of market capitalization.
Presently, BONK holds a market capitalization of $1.57 billion, securing its position at #60 according to CoinMarketCap, while PEPE trails slightly behind with a market capitalization of $1.27 billion, placing it at #73.
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
Bullish Momentum Sees BONK Stage Recovery Adventure
The recent surge in the price of Bonk comes amidst a period where the cryptocurrency has been trading within a falling wedge pattern since mid-December 2023. However, bullish momentum among BONK investors has enabled a shift in market dynamics, driving the price upwards.
Onchain reports from Lookonchain shed light on the activities of a prominent investor identified as SmartMoney, who accumulated a substantial amount of BONK tokens from Binance prior to the price surge. SmartMoney has acquired 98 billion $BONK tokens, valued at $1.54 million, demonstrating a strategic investment move.
With a current holding of 319.44 billion $BONK tokens, SmartMoney’s investment portfolio in Bonk stands at $7 million, yielding a profitable return of $2.9 million.
As Bonk continues to gain traction in the cryptocurrency market, the recent surge in price and market capitalization underscore the growing interest and confidence among investors in the meme coin’s potential for value appreciation and market dominance.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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