BONK Soars 25%: Price Prediction Amidst Token Burn and Whale Moves
Bonk has surged by 10% in the past 24 hours, with the coin’s rise to $0.00002596 also representing an impressive 25% gain from its 24-hour low.
Its current price means that it’s flat in a week but up by 16% in a fortnight, with its gains today coming as Bonk DAO announces a proposal to burn 84 billion BONK.
The meme token is also up by a very impressive 7,300% in the past year, with data showing that whales have been accumulating over the past week.
This points to further rises for Bonk in the near future, with the market looking like it may have begun a medium-term recovery today.
BONK’s chart has moved into a bullish position, even if it may be due a minor correction in the near term.
Its relative strength index (purple) reached 70 today and remains high, marking a strong recovery from the very low 25 it plunged to yesterday.
Even more bullish is BONK’s 30-day average (orange) which climbed over the 200-day (blue) late yesterday and is continuing to rise, signalling perhaps some more gains over the next day or so before a correction.
What’s particularly encouraging about BONK today is that its trading volume has shot up from $250 million yesterday to $800 million today.
This indicates a substantial bump in interest in the meme token, likely fuelled by larger traders and whales.
The biggest driver of this demand today is the aforementioned news regarding a potential burn of 84 billion BONK.
BONK DAO has received a proposal to BURN ~84B BONK from its Treasury representing the Q2 amount of BONK sent to the DAO from BONKBot.
All BONK locked on BonkRewards is now able to vote on community proposals.
Voting:https://t.co/akvJAfpCcM
— BONK DAO (@bonk_dao) July 8, 2024
Bonk DAO’s X account has revealed this info, and while no other source
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