- Solana’s BONK made 19% gains after the announcement but quickly retraced.
- Two popular dog-themed memecurrencies on Solana fight for a TOP 50 spot.
- Bollinger Bands detects a high volatility mode for BONK as it prepares to retest ATH.
The popular American retail crypto and stock exchange Robinhood announced the listing of Solana’s pioneer memecoin Bonk (BONK). As per the announcement, BONK is joining the elite lineup of cryptocurrencies regulated in the European Union for everyday trading.
Solana’s BONK joins fellow memecoin Dogwifhat (WIF), which was listed by Robinhood at the beginning of March 2024. Despite being the older token, BONK is just two positions above WIF in the global crypto charts by market capitalization.
To celebrate the new listing, Robinhood’s European subsidiary reminded its Twitter audience that customers trading on the centralized crypto platform can receive cash back in Bitcoin (BTC) on each spend.
Can BONK Jump Above Its Freshly-Claimed ATH?
Despite BONK immediately picking up 19% gains on March 5, 2024, it slumped after hitting the $0.00004158 daily heights. BONK’s way up will highly depend on the strength of the ongoing crypto market correction, coming after a month-long market-wide rally for top memecoins.
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Born on Christmas Day 2022, Solana’s BONK has first gained noticeable public traction in early 2023, when the memecoin was airdropped to prominent Solana members as a community coin. However, the early 2023 run was microscopic compared to December 15, 2023. Back then, BONK reached $0.00002549, its second all-time high.
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It’s fair to say that BONK has successfully conquered the aforementioned price range after a prolonged crypto market correction, which ended on March 2, 2024. After a more than three month hiatus, BONK breached the $0.00002514 barrier and claimed a new all-time high two days later, at $0.00004547.
Since then, BONK has faced a gradual market correction, pushing the orange cartoon dog-embossed canine coin 25% below its ATH. To understand the implications of BONK’s recent price movement, several on-chain factors shall be considered.
BONK’s Key On-Chain Metrics to Watch Out for
BONK’s Relative Strength Index (RSI) on Binance’s daily charts point to an overbought condition with the RSI indicator pointing to 69.22. Bollinger Bands had a super tight squeeze at 3 PM on March 6, 2024, but later expanded to demonstrate an extremely high volatility phase, which means BONK’s price could close the day with huge fluctuations both ways.
On the other hand, BONK’s combined liquidity book doesn’t favor the crypto bears just yet. While overall BONK trading on Spot markets has plummeted by 62% over the last 24 hours, pending bids still outscore the pending sells by a slight margin. While this duel between crypto bears and bulls doesn’t give the lead to either, BONK’s price is likely to continue trading in wide Bollinger Bands, prone to high price fluctuations.
On the Flipside
- The new listing by Robinhood only applies to customers residing in the European Union.
- Coinbase and Binance take up the lion’s share of BONK trading with 55% of all trades.
Why This Matters
Solana’s BONK is one of the most profitable altcoins this year, with a 6000% yield based on a 365-day timeframe.
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