What BONK’s latest listing means for its price prediction

Journalist

Posted: December 16, 2023

• BONK has risen by over 100% in the last 24 hours.
• The surge came as Binance announced the listing of the meme coin.

The price of the dog-themed Solana-based token Bonk [BONK] has risen by over 100% in the last 24 hours.

This comes after leading cryptocurrency exchange Binance announced the token’s listing and the commencement of spot trading for multiple trading pairs on 15th December.

#Binance will list @bonk_inu $BONK with Seed Tag applied.

https://t.co/BVs6KjrRvK pic.twitter.com/AKB6mlwnkL

— Binance (@binance) December 15, 2023

BONK’s listing on Binance follows its inclusion on KuCoin and Coinbase as a tradeable asset.

With a 314% surge in trading volume recorded in the last 24 hours, the token’s market capitalization has climbed by 123% during the same period.

In a span of only 12 hours, data from CoinMarketCap showed that BONK has moved from being the 69th largest asset to claiming the 43rd position. 

BONK in the last 12 hours

At press time, BONK exchanged hands at $0.00003243. At this value, BONK’s price has now surpassed that of Shiba Inu [SHIB], which traded at $0.00000988 per coin as of this writing. 

With the hype around the altcoin in the last 12 hours, BONK’s social discussions have risen to an all-time high. In fact, BONK conversations make up 7% of all asset talks within that period. 

Source: Santiment

Due to the sudden surge in demand, BONK’s key momentum indicators sat at overbought levels at press time. Its Relative Strength Index (RSI) was 86.51, while its Money Flow Index (MFI) was 78.70.

Moreso, its Chaikin Money Flow (CMF) resting above zero and in an uptrend signaled liquidity inflow into the BONK market. This indicator was 0.21 as of this writing. 

Source: BONK/USDT on TradingView

In the token’s derivatives market, trading volume has increased by over 254% in the last 24 hours. During that period, BONK trades totaling $97 million have been completed.

There has also been a significant uptick in the token’s futures open interest. At $2.65 million at press time, BONK’s open interest has increased by 102% in the past 24 hours, data from Coinglass showed. 

Interestingly, BONK’s funding rates across exchanges turned negative for the first time in the last three days. This showed that as the token’s price chased new highs in the last 12 hours, many traders opened short positions, betting on a price decline. 

Source: Coinglass

Realistic or not, here’s BONK’s market cap in BTC terms

All thanks to BONK

Activity around BONK in the past few days has resulted in the growth in the sales of the once-struggling Solana phone. Solana co-founder Raj Gokal confirmed the surge in sales in a recent post on X.

The increase in the phone’s sales volume is tied to the 30 million BONK token airdrop available for every phone owner. 

lol. just so everyone is aware, @solanamobile saga sales have >10x’d in the past 48 hours, and are now on track to sell out before the new year.https://t.co/SzKht4DTYL

— raj (@rajgokal) December 14, 2023