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BONK Goes Parabolic With 30% Surge, Here's Potential Trigger

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Tue, 9/01/2024 - 11:33
BONK Goes Parabolic With 30% Surge, Here's Potential Trigger
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Solana’s flagship meme coin, BONK, is on a bullish rampage today, jumping by more than 30% to take its price to $0.00001265. After BONK got significantly spanked by the bears, it is arguably charting the bullish resurgence on Solana, with almost all metrics now in the green.

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BONK’s trading volume is significantly elevated, showcasing a renewed interest among buyers. Per data from CoinMarketCap, this metric has jumped by 212% to $404,460,679, a figure that has shrunken the weekly losses from more than 20% to 12.4% at the time of writing.

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Smart whale influence

The resurgence in the price of BONK might be traced to market whales who are making strategic acquisitions of the meme coin. According to insights shared by Lookonchain, one such whale recently acquired 386 SOL worth about $40,000 to buy a total of 3.29 billion BONK today.

This particular whale is historically attracted to BONK and was one of the early adopters who made more than $6.9 million on the Solana-based meme coin.

According to Lookonchain, this whale has acquired a total of 371.4 billion BONK within the space of nine months at a cost of only 6,998 SOL, or $276,000. Within this time, the whale smartly sold half of the BONK during the BONK surge for 50,139 SOL, raking in $5.2 million in profit.

With the renewed accumulation, there is a likelihood that the whale is seeing a trend the majority are not seeing, and this suggests a more defined rally may be ahead for BONK.

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Solana ecosystem revival

Market analysts and observers are optimistic that Solana is on track to lead the current market trend even though Bitcoin is notably the clear determinant of the current momentum.

Solana led the mega-cap rally in 2023 and retested the $100 resistance level in a remarkable uptrend chart in the early hours of today. With BONK’s rally, expectations now mount over the likely reboot of other meme coins like Dogwifhat and AnaloS, among others.

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