Bonk price continued its sharp rise, reaching an all-time high of $0.000060, making it one of the best performing meme coins.
Good (BONK) was trading at $0.0000543, up more than 39,166% from its all-time low, giving it a market cap of $4.8 billion.
A crypto analyst has explained why the token could have more room to run as fear of missing out spreads across the industry.
In a post The bonk guywhich has nearly 80,000 subscribers, highlighted the token’s high trading volume in key markets. Data from CoinGecko shows Bonk’s 24-hour volume surpassed $3.58 billion, making it the third most popular coin after Dogecoin and Pepe.
He also pointed out that Bonk’s trading volume on Coinbase, the largest exchange in the United States, exceeded that of Pepe, Shiba Inu and Dogewithhat combined.
Notably, Bonk also recorded higher trading volume than Solana and Ether on Upbit, one of South Korea’s leading exchanges. Futures open interest in Bonk soared to a record high of $51 million, indicating growing demand.
These measurements suggest that Bonk has become a favorite coin among traders in the United States and South Korea. This could drive growth as FOMO takes hold in these regions.
The rise of Bonk has also strengthened Solana’s ecosystem, with commercial activity increasing. Data from DeFi Llama shows that Solana’s decentralized trading volume over the past seven days has exceeded $43 billion, more than Ethereum, Base, BSC, and Arbitrum combined.
Bonk price analysis
The daily chart shows that BONK has been on a strong upward trajectory in recent weeks. It flipped the critical resistance level at $0.000047 – its previous all-time high – into support.
The token also formed a golden cross pattern with the MACD and Relative Strength Index trending upward. The MVRVZ indicator rose to 3, signaling bullish momentum. Bonk’s next target could be $0.000075 in the near term.
However, there is also a risk of mean reversion, which could see the coin retest the 50-day moving average at $0.000028.