BONK surges 56% as meme coins gain momentum

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The Solana-based meme coin, Bonk (BONK), has recorded spectacular good points because the broader meme coin class rallies.

BONK is up by 56% previously 24 hours and is buying and selling at $0.000021 on the time of writing. The asset’s market cap surpassed the $1.4 billion mark, making it the 62nd-largest cryptocurrency and third-largest meme coin within the ecosystem. 

BONK surges 56% as meme coins gain momentum - 1
BONK value, social quantity and RSI – Feb. 29 | Supply: Santiment

Furthermore, Bonk’s day by day buying and selling quantity additionally elevated by 178%, reaching $920 million.

In keeping with knowledge offered by Santiment, Bonk’s social quantity elevated by 320% since Feb. 25. Knowledge exhibits that almost all of the social exercise comes from X and Telegram. 

Regardless of the worth rally, the biggest BONK whales nonetheless haven’t made any large actions for profit-taking but. 

Knowledge from Santiment exhibits that Bonk’s Relative Energy Index (RSI) has cooled down in the course of the worth rally — declining from 64 to 63 previously 24 hours. The indicator means that the meme coin is barely overheated, and a few whales would possibly attempt to promote BONK for revenue.

BONK’s value hike comes as Bitcoin’s rally to the $64,000 mark brings bullish momentum to the broader crypto market. 

In keeping with data from CoinMarketCap (CMC), the overall meme coin market cap surged by 32% over the previous day — surpassing the $34 billion mark. Dogecoin (DOGE) continues to be main the class with a $19 million market cap, adopted by Shiba Inu’s (SHIB) $8.3 billion worth, per CMC.

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