BONK Price Rallies 12% Today As Whale Activity Boosts Momentum
BONK, a Solana-based meme coin, has rallied by 20% over the past week. BONK’s momentum continues today; in the last 24 hours, it has gained 14%. As of 08:41 UTC, BONK was trading at $0.00002782.
Whale Ditches WIF For BONK
This rise can be attributed to broader market momentum and significant whale activity. Notably, a whale recently sold $4.4 million worth of DogWifHat (WIF) at a loss and used the proceeds to purchase BONK and TREMP, signaling strong confidence in these cryptocurrencies.
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The whale’s activity began with an initial investment of 25,682 SOL ($5 million) to acquire 1.7 million WIF at $2.94 per token on March 17. Following a decline in WIF’s price, the whale started liquidating WIF holdings to reallocate funds into BONK and TREMP earlier today.
A whale is selling 1.7M $WIF($4.4M) at a loss to buy $tremp and $BONK after the $WIF price dropped.
Which caused the price of $tremp and $BONK to increase.
The whale spent 25,682 $SOL($5M) to buy 1.7M $WIF at $2.94 on Mar 17.
After the $WIF price dropped, he started selling… pic.twitter.com/Ad8mdvLc50
— Lookonchain (@lookonchain) May 19, 2024
Specifically, the whale exchanged 1.28 million WIF ($3.3 million) for 127.16 billion BONK at $0.00002593 and 410,688 WIF ($1.06 million) for 966,000 TREMP at $1.1 per token.
Solana Wallet Growth: A Bullish Signal For Solana Meme Coins
This strategic move has sent ripples through the market, indicating that BONK is viewed as a high-potential meme coin at its current price. The growing interest in BONK is further supported by the increasing popularity of Solana and its ecosystem. The Phantom wallet, a key player in the Solana ecosystem, is now among the top three utility apps in the Apple App Store in the United States, showcasing the rising adoption of Solana-based assets.
🚨BREAKING🚨
Phantom wallet becomes the TOP 3 utility app in the Apple App store in the US!
Seems like the $SOL season is going to be BIG!
What SOL coins shall I buy?👀👇 pic.twitter.com/QiLOv4Es1V
— EvanLuthra.eth (@EvanLuthra) May 19, 2024
BONK Listed On Bithumb
The whale’s confidence in BONK aligns with the broader positive sentiment towards Solana and its associated cryptocurrencies. BONK’s recent listing on Bithumb, the second-largest exchange in South Korea, also adds to its appeal. South Korea is one of the largest cryptocurrency markets globally, and being listed on a major exchange like Bithumb significantly boosts BONK’s visibility and potential demand.
BONK 24-Hour Trading Volumes Surge
Rising investor interest in BONK is evident in its trading volumes, which have seen a remarkable uptick recently. BONK trading volumes have increased by 196% in the last 24 hours to reach $642.11 million. This surge in trading activity indicates growing investor interest and participation in the BONK market. Combining whale activity, broader market momentum, and increasing adoption of Solana-based assets positions BONK for continued growth.
BONK’s recent performance, driven by significant whale activity and broader market trends, underscores its potential as a high-growth meme coin. As the market sends bullish signals, BONK’s solid fundamentals and growing popularity could lead to further upward momentum.
BONK Trading At Key Resistance But Buying Volumes Rise
Source: TradingView
BONK has been gaining momentum for the past week. This has seen BONK erase two weeks of losses. However, this rally has seen BONK hit weekly solid resistance at $0.00002798. If bulls can garner enough volumes to push BONK through this resistance, it could quickly rally to March highs of $0.00004789. If BONK surpasses this high, it could be on its way to hitting prices above $0.00005000.
On the other hand, if bulls lose momentum at $0.00002798, there will be a consolidation between the $0.00002798 resistance and the $0.00001618 support until there is another volume increase to trigger a breakout.
However, if bulls fail at the $0.00002798 resistance and bears take control of the market, the critical level to watch would be the $0.0000161 support. If this support is broken, BONK could drop to February lows of $0.00001019.
BONK Likely Headed To $0.0000500 Or Higher
Of the scenarios that could play out today, the odds are higher that BONK could push through the $0.00002798 resistance today and rally toward $0.0000500 in the week. One of the key factors supporting this is the broader market momentum. Bitcoin shows signals of strengthening momentum and could soon trade at $70k. This will likely uplift the wider market as well. BONK is also recording whale buying, a strong buy signal at a time when the broader market is turning bullish. Whale activity could easily trigger FOMO that pushes BONK to new highs in a short time.
Read more: BONK and HONK Price Predictions
Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Kamal Masri
Kamal is an experienced financial analyst with a demonstrated history of working in the Financial Market. Skilled in Equities, Capital Markets, Portfolio Management, Risk management, and Corporate Finance. Kamal has worked at some of the leading online finance publications providing his expert knowledge on cryptocurrency. Kamal has written widely on digital assets across the stock and crypto media space and beyond, including for Coindesk, Ethereum World News and The FinTech Times.
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