The Solana-based meme coin Bonk (BONK) has emerged as the top gainer among the top 100 cryptocurrencies with its social activity almost doubling.
BONK’s price has seen a 26% surge in the past 24 hours and is trading at $0.0000127 at the time of writing. Following the rally, Bonk’s market cap surpassed the $800 million mark, making it the 81st-largest crypto asset.
The meme coin’s daily trading volume increased by 160%, reaching $326 million. Data shows that a large amount of BONK’s trading volume, 36.2%, comes from Binance with the USDT trading pair.
Despite the recent rally, Bonk is still down by 63% from its all-time high of $0.000034 on Dec. 15, 2023.
According to data provided by Santiment, Bonk’s social volume recorded a 97% rally over the past 24 hours. Data shows that the majority of the social activity comes from Telegram and X.
Moreover, BONK could even face a further price rally. Per Santiment, the asset’s Relative Strength Index (RSI) is currently standing at 32. This indicator suggests that Bonk hasn’t faced strong selling pressure yet.
For Bonk to stay in the bullish zone, its RSI would need to stay below the 50 mark.
Another reason for Bonk’s rally could be the OKX listing. On Jan. 8, the Seychelles-based crypto exchange announced to list BONK and Jito (JTO) on its spot trading platform with withdrawals beginning on Jan. 9.
Source: https://crypto.news/bonk-rallies-26-social-activity-nearly-doubles/