Bonk rockets over 100% in a day; Can the meme coin hit $1?

The recent period in the cryptocurrency market has shown a resurgence of gains for most digital assets, but one that stands out is Bonk (BONK). Its price has surged by over 100% in the past 24 hours.

BONK is the most trending meme coin in the market and experienced a remarkable 116% increase in its market capitalization within the last 24 hours, primarily attributed to its recent inclusion on Coinbase. 

In 12 hours, BONK surged from being the 69th largest asset to claiming the 43rd position, as reported by Santiment in a post on X on December 15.

The recent surge in BONK’s value can be traced back to various key factors. Particularly noteworthy is its inclusion on major cryptocurrency exchanges such as Binance and Coinbase, which has played a crucial role in driving its upward momentum.

Factors behind BONK’s surge

Contributing to the token’s remarkable price performance is the ongoing craze surrounding meme coins. Prominent assets of this nature, such as Dogecoin (DOGE) and Shiba Inu (SHIB), have demonstrated positive monthly gains, though not as substantial as those observed in BONK.

The Fear of Missing Out (FOMO) effect is also noteworthy. It’s plausible that many investors entered BONK’s ecosystem solely based on its price surge without conducting thorough due diligence.

Lastly, the success of the meme coin could be linked to its association with Solana (SOL). Solana has emerged as one of the top performers in the market this year, registering a remarkable 650% price increase since January 1.

However, according to experts, among them Michael van de Poppe, these developments, while extraordinary, indicate a shift in market sentiment. At this juncture, exercising caution and refraining from making purchases are advised.

BONK price analysis

At the time of press, Bonk was trading at $0.00002949, which signifies an impressive 95.90% increase over the last 24 hours, adding to the 156.23% gains made over the previous week, and a remarkable 963.17% in the last 30 days, as per information obtained on December 15.

This crypto’s market capitalization has also increased from $912 million to $1.711 billion, representing a 95.91% increase in 24 hours at the time of publication, taking it from the 69th to the 43rd spot by market cap. These developments are propelling its price towards the milestone of $0.1.

Moreover, this asset is trading above its 200-day simple moving average and has experienced 17 green days in the last month.

Nevertheless, its high price volatility should be a warning sign for investors, who should conduct thorough research before allocating their assets.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.