Coingape Staff
In an intriguing turn of events, aligning with the bullish sentiment prevailing within the broader crypto market, Bonk, a meme coin, gained significant traction across the global crypto realm as it surged nearly 30% today, February 29. This surge by the meme coin promptly garnered noteworthy attention as a Smart Money’s accumulation, pushing the price up, surfaced across the crypto horizon.
Insights unveiled by Lookonchain revealed a staggering 98 billion BONK acquired from Binance, one of the world’s leading cryptocurrency exchanges. This accumulation appears to be primarily responsible for the bullish climate BONK painted today, nabbing the attention of crypto market traders and investors.
Today the price of $BONK has increased by more than 50%!
A SmartMoney accumulated 98B $BONK($1.54M) from #Binance again before the price increased.
He currently holds 319.44B $BONK($7M), with a profit of $2.9M. pic.twitter.com/TXYw2H07yz
— Lookonchain (@lookonchain) February 29, 2024
Derivatives data unveiled by Coinglass further hinted at an uptrend prevailing within the market, with investors portraying confidence in the asset. This birthed bullish sentiments for BONK, propelling market optimism for the meme coin.
Navigating BONK’s Unexpected Surge
Over the past seven days, following a sluggish performance till February 26, BONK gained a gradual upward momentum, until the above-mentioned whale accumulation finally pushed the price up substantially. BONK’s supply took a massive hit with this whale accumulation, resulting in the abovementioned pump.
Meanwhile, technical indicators portrayed a strong buying sentiment for BONK within the market as of press time. While it’s worth noting that further whale accumulations might push the prices up substantially, the current RSI hints at an overbought condition prevailing within the market, fueling additional speculations on BONK. This potentially paves the road for BONK to rally ahead, reaching a new ATH if whales continue accumulating further.
However, as the crucial resistance of $0.000024- $0.000028 nears, a close above it might impede the meme coin’s upward trajectory due to a crushing inclination to sell the asset. Nonetheless, a maintained close above the mark potentially carves out the path for further pumps.
With the upcoming Bitcoin halving birthing a bullish sentiment among crypto market traders and investors, scaling of a new ATH potentially looms for BONK, as it could soar alongside other altcoins. Further, if market bulls wish to pump the coin further, avoiding the temptation to sell at the earliest profit sign remains crucial.
Also Read: KuCoin Partners Revolut for Euro On-Ramp Amid Bitcoin’s Splendid Rally
BONK Price Rallies
As of writing, the BONK price noted an uptick of a whopping 30.23% over the past 24 hours and is currently trading at $0.0000214. The meme coin birthed immense market optimism with a weekly surge of 76.92%.
Derivatives data unveiled by the tracker Coinglass further hinted at an uptrend in the market, mirroring BONK’s pump. The open interest rose 27.10%, reaching $9.40 million, whereas volume surged 139.72%, reaching $269.43 million. This signaled substantial new money entering the market, with burgeoning market activity.
Additionally, the OI-weighted funding rate also surged phenomenally, currently resting at 0.1021%. This indicated a sense of readiness among traders to invest more in maintaining long positions in BONK, adding up to the bullish climate painted by the meme coin.
Aligning with this bullishness, crypto market enthusiasts expect to see bolstered prices ahead with continued whale accumulations as a strong buying sentiment prevails. However, traders and investors may witness a flipside if a selling pressure at or above the resistance takes over.
Also Read: Bitcoin Crash: Key Reasons Behind BTC Retreat After Rallying To $64K
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
