BONK Coin Soars Replicating DOGE and SHIB’s Early Rallies

Bonk (BONK) added to its impressive momentum over the past 24 hours. Data from the cryptocurrency market tracking website CoinMarketCap indicated that the meme coin recorded a daily gain greater than 31%. Subsequently, the cryptocurrency was changing hands at $0.00000814 at press time.

BONK’s latest price increase propelled its monthly performance to +979%. Meanwhile, the altcoin was up more than 7,300% since entering the cryptocurrency space.

Simultaneous to the increase in price throughout the past day of trading, BONK recorded a drop in its 24-hour trading volume. CoinMarketCap data indicated that the total volume for the meme coin was down 34%. Subsequently, the collective total stood at $104.983 million.

BONK was able to reach a peak of $0.000008465 throughout the past day of trading. Since then, it has pulled back to trade at its current level. Nevertheless, BONK’s price was still closer to its 24-hour high than its daily low, which was situated at $0.000006155.

Daily chart for BONK/USDT (Source: TradingView)

From a technical standpoint, BONK has rampaged through multiple key resistance levels. The most recent barrier that was breached is the $0.0000046040, which BONK broke through on Saturday. Since then, the altcoin has been in a multi-day positive sequence, which elevated it from a low of $0.0000045390 to a high of $0.0000086481.

Technical indicators on BONK’s daily chart suggested that its price may continue rising in the short term. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators were flagging bullish at press time.

BONK’s rally is similar to the strong price movements Dogecoin (DOGE) and Pepe (PEPE) underwent in their early days. Subsequently, the meme coin could become the next big name in the meme coin and the broader cryptocurrency space.

At press time, CoinMarketCap showed that DOGE was up more than 18,200% from its listing price. Meanwhile, PEPE was up more than 2,700% after it entered the market priced at $0.00000006036.

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