With the market’s strong recovery, Bonk has reached a new all-time high today. Specifically, the Solana-based meme token has reached $0.00003876 and increased more than 55% in the past 24 hours according to Coingecko. So, can this surge help BONK reach $0.01 sooner than the meme coin Shiba Inu?
The increase is definitely related to the overall positive sentiment that is engulfing the cryptocurrency market nowadays. Indeed, Bitcoin has led the way, reaching $66,000 on Monday and poised to reach new all-time highs sooner rather than later. However, the performance of Bonk in this price surge could help it prove its value against some more popular meme coins.
BONK’s 5,000% in a year boosts the Meme Coin competition
There is much hope that 2024 will be a spectacular year for digital assets. Specifically, Bitcoin is expected to have a significant increase in value as it is connected with the recently approved Bitcoin ETF cash-settled funds. Moreover, that is predicted to have a major impact on the overall market.
With the first week of March, this has already been proven. However, one of the surprisingly successful coins this year is the Solana-based meme token BONK. The token has surpassed its all-time high and is in a frenzy of growth. However, can it reach $0.01 faster than Shiba Inu?
The meme coin segment has seen assets like Shiba Inu, Pepe, and Dogecoin dominate the discussions. However, with a 5,000% increase in a year, Bonk has been showing great momentum. There is still the possibility that the meme coin might correct in the coming weeks.
For Bonk, the relative strength index (RSI) reached 90 at the start of Monday. That indicates that the asset is definitely in the overbought zone. Furthermore, the price has also moved above the 30-day average. However, it has also gone above the 200-day average. Yet, this does not mean it is set to continue indefinitely when considering the previously mentioned RSI figures.
The overall surge of BONK could be due to whales buying into the asset, as its trading volume reached $1 billion on Monday. Therefore, there are still concerns that the value might drop as buyers take their profits and corrections occur.
Can Bonk surpass Shiba Inu and Pepe?
However, there is still no understanding of the impact of the current Bitcoin run. The asset is expected to aim for new all-time highs, surpassing the $69,000 mark it reached in November 2021. After that, the market might provide even more room for Bonk to continue its ascent.
This is especially possible as the market is nearing the highly anticipated Bitcoin halving event, which is expected to take place on April 19. However, can Bonk reach $0.01 before Shiba Inu? That becomes a challenging scenario when considering the volatility of the meme coin market.
Shiba Inu (SHIB) has already increased by 33% today and shown another beneficiary of this Monday’s sudden surge for the meme coin. Furthermore, competing meme coin assets like Pepe have seen significant gains of 44% in the past 24 hours. Currently, Bonk still leads those assets in daily gains in the context of a larger surge.
The road to $0.01 still seems daunting, but Bonk has managed to pull ahead of the meme coin pack until today. Only time will tell which price correction takes place, with the overbought RSI possibly playing a crucial role in the coming weeks.
Furthermore, how Bitcoin behaves in the next 5 days will provide a clearer picture of the current recovery’s sustainability. Especially since they all play a role in setting the stage for the halving event in April. However, it is difficult to predict whether BONK will continue its current trajectory and surpass SHIB to reach $0.01 given their current positions.
