- Blockchain data shows a resurfacing SOL whale piling up on BONK.
- The same crypto whale made $6.9M after selling BONK’s top for SOL.
- Price trend reversal for BONK comes amid rising activity on Solana.
Solana’s most popular memecoin, Bonk (BONK), witnessed a change of direction early Tuesday morning. Indeed, the canine coin’s price finished off the gradual market correction after shortly falling below $0.00001 for a brief moment on Monday, but BONK’s price movement took a bullish turn since, adding 16% to its market value.
According to the blockchain analysis platform LookOnChain, some experienced Solana whales took the opportunity to stockpile 3.29 billion BONK right before the upward trend was initiated. In further detail, the SOL whale bought the 3.29B at an approximate price of $0.000013, which stands close to the daily low of $0.0000127 in the last 24-hour period.
Previously, the same Solana whale was reported to have made an enormous profit of $6.9M after they accumulated 371.4B BONK in nine months. Some highlighted highly profitable trades, including selling off half of the BONK stash for 50,139 SOL, equivalent to $5.2 million. At press time, the aforementioned crypto whale holds $2.72M worth of BONK in their crypto wallet.
BONK’s Trend Reversal: Are Bulls Coming Back?
From a technical point of view, BONK reached the price reversal by breaking through the $0.00001 support level. Now, BONK’s price is heading to retest the $0.000015 support line, which could significantly boost itsattempt to restore a $1 billion global market capitalization.
Certainly, BONK had upped the ante for competing meme coins as the best meme currency performer of the year with a 4424% rise upon arrival in early 2023 and another tremendous bull run in December 2023. BONK even entered the TOP 50 by global market capitalization for a short period, reaching its $2bn peak in market capitalization.
While the gradual market correction had slashed BONK’s market cap from $2bn on Friday, 15 December 2023, to $513 million today, crypto experts tack on Coinbase, Binance, and OKX subsequent listings to shelter the orange dog-embossed cryptocurrency from a prolonged bear takeover.
Snatching away the spot of the third most popular memecoin from PEPE after Coinbase’s listing, BONK received its share of mass appreciation along with the rapid sell-out of Solana SAGA Web3 phones, giving a 30M BONK free airdrop for all Solana’s smartphone owners.
On the Flipside
- BONK’s success highly depends on Solana’s performance, as SOL price movements usually tend to correlate highly with BONK’s price upswings.
- The wallet addresses on SOL grew by 141% in the last three months, hinting at a quickly growing user base for BONK, which is regularly used for airdrops between SOL members.
Why This Matters
BONK contributed to Solana’s renaissance: the memecoin skyrocketed along with SOL’s run to $106. Airdropped between SOL members, BONK is attributed to the complete renaissance in dev activity, now having over 2,500 monthly active developers on the Layer-1.
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