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Monday, March 4, 2024

Solana’s BONK Token Rockets To New Heights, Surging 121% On Binance Itemizing Information

In an sudden flip of occasions, the Solana-based memecoin Bonk (BONK) has skilled a unprecedented 1,000% month-to-month surge following its latest listings on main cryptocurrency exchanges. 

The momentum started with Coinbase’s itemizing, adopted carefully by Binance’s shock announcement, propelling BONK to new heights and producing enthusiasm throughout the crypto group.

Astounding 1,000% Surge On Binance And Coinbase Listings

The itemizing on Binance proved to be a game-changer for BONK, as its worth skyrocketed above $0.00003, marking an astounding improve of over 1,000% in only one month. The frenzy surrounding the memecoin grew to become evident when a dealer bought 52.three billion BONK tokens, equal to roughly $927,000, and realized a staggering revenue of round $784,000. 

In accordance to Lookonchain, this dealer had bought 69 billion BONK at a worth of roughly $0.0000021 and staked them from October 30 to November 29, reaping substantial returns from the meteoric rise of BONK.

Past the value surge, one other noteworthy growth has captured the eye of traders. The Solana group has witnessed a surge within the gross sales of Solana telephones, pushed by the latest worth hike of Solana’s memecoin. 

Raj Gokal, the co-founder of Solana, shared in a December 15 put up on X that Solana cellphone gross sales have elevated by over 10 instances throughout the previous 48 hours and at the moment are projected to promote out earlier than the brand new yr. Gokal said:

Simply so everyone seems to be conscious, Solana cellular saga gross sales have >10x’d previously 48 hours, and at the moment are on observe to promote out earlier than the brand new yr.

Furthermore, Richard Wu, co-founder of Tensor, Solana’s non-fungible token market, expressed his astonishment, stating: “That is loopy. BONK saved Solana on Christmas 2022. BONK is saving the Solana Saga Telephone on Christmas 2023.” 

Wu emphasised that, in contrast to different canine cash, Bonk has emerged because the savior of Solana, a battle-tested high-throughput Layer 1 blockchain. He additional added, “It’s not only a meme anymore. That is faith.”

BONK Memecoin’s Spectacular Surge Paired With Solana’s Progress

Based mostly on the 1-hour chart for BONK, the memecoin has persistently reached new highs because the begin of the present bull run on November 8. 

Notably, the token has surpassed important shifting averages, together with the 200-day and 50-day MA. This can be a constructive indicator of the token’s potential, as there are at the moment no seen resistance ranges except a correction happens.

It’s value noting that SOL has skilled a outstanding 443% uptrend year-to-date, together with important ecosystem progress in latest months. This, mixed with the continued memecoin frenzy, means that there could also be no limits or boundaries for BONK’s upward trajectory.

The 1-hour chart reveals BONK’s surge. Supply: BONKUSDT on TradingView.com

Following the announcement of Binance’s itemizing, the token skilled a surge of 121%, which has been additional complemented by features noticed previously 24 hours. Nevertheless, BONK’s present worth stands at $0.00002888, representing a shortfall of over 30% from its latest highs.

The extent of BONK’s potential and the long run patterns it’s going to exhibit in its numerous time frames stay to be seen. These developments will present additional insights into the token’s future progress potential or potential corrections. Nevertheless, the general outlook for BONK seems promising for traders.

Featured picture from Shutterstock, chart from TradingView.com 

Disclaimer: The article is offered for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding selections. Use info offered on this web site totally at your personal threat.

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