Crypto expert explains why BONK price could go parabolic

Bonk price continued its strong rise, reaching a new all-time high of $0.000060, making it one of the best-performing meme coins.

Bonk (BONK) was trading at $0.0000543, up 39.166% from its all-time low, giving it a market cap of $4.8 billion.

A crypto analyst outlined why the token could have more operating space as Fear of Missing Out spreads across the industry.

The Bonk Guy, who has nearly 80,000 followers, highlighted the token’s strong trading volume in key markets in an X post. Data from CoinGecko shows that Bonk’s 24-hour volume exceeded $3.58 billion, making it the third most popular meme coin after Dogecoin and Pepe.

He also pointed out that Bonk’s transaction volume on Coinbase, the largest stock exchange in the USA, exceeded the total transaction volume of Pepe, Shiba Inu and Dogewithhat.

Notably, Bonk recorded higher trading volume than Solana and Ether on Upbit, one of South Korea’s leading exchanges. Futures open interest for Bonk rose to a record $51 million, indicating increased demand.

These metrics show that Bonk has become the favorite cryptocurrency among traders in the US and South Korea. This could spur further growth as FOMO runs rampant in these regions.

the $BONK This is what the graph looks like…

– BONK is trading in more volume than: $LEFT America’s largest CEX is on Coinbase
– BONK is trading in more volume than: $PEPE + $SHIB + $WIF Merged in Coinbase
– BONK is trading in more volume than: $LEFT And $ETH Korea’s largest CEX merged into Upbit… pic.twitter.com/IgF7EL0w82

— Unipcs (aka ‘Bonk Guy’) 🎒 (@theunipcs) 20 November 2024

The rise of Bonk has also strengthened Solana’s ecosystem along with increased trading activities. Data from DeFi Llama shows that Solana’s decentralized exchange volume in the last seven days exceeded $43 billion; This is higher than Ethereum, Base, BSC, and Arbitrum combined.

Bonk price analysis Bonk price chart | source: crypto.news

The daily chart shows that BONK has been in a strong uptrend in recent weeks. It turned the previous all-time high at $0.000047 into support.

The token also formed a golden cross pattern with the MACD and Relative Strength Index showing an upward trend. The MVRVZ indicator rose to 3, signaling bullish momentum. Bonk’s next target could be $0.000075 in the short term.

However, there is also a risk of mean reversion that could cause the coin to retest the 50-day moving average at $0.000028.