- Bonk hit a new all-time high of $0.000056 on Sunday after surging more than 100% last week.
- The dog-based meme coin announces a 1 trillion tokens burn by Christmas.
- BONK’s trading volume reached a high of 2.67 billion on Sunday, while the technical outlook projects further gains toward a new high of $0.000062.
Bonk (BONK) price extends its gains on Monday after surging more than 100% last week and reaching a new all-time high on Sunday. This rally was fueled by the announcement on Friday that BONK would burn 1 trillion tokens by Christmas. Bonk’s trading volume has reached its highest level since its launch in December 2022, while the technical outlook projects more gains toward a new high in the upcoming weeks.
Bonk announces 1 trillion token burn by Christmas
Bonk announced plans to burn 1 trillion BONK tokens before Christmas on Friday. This announcement led to a 27% surge in the Bonk price that day, as the token burn is expected to positively impact the token’s value by reducing supply and increasing its scarcity.
The BONK DAO BURNmas SUPER thread
— BONK!!! (@bonk_inu) November 15, 2024
The Mission: Burn 1 Trillion $BONK by Christmas
The campaign features BONK burns based on specific engagement criteria.
Here's how YOU can help The Dog in what will be the largest on-chain community driven burn event in the history of Solana pic.twitter.com/tcSY5W3vd9
Another aspect bolstering the platform’s bullish outlook is a recent surge in traders’ interest and liquidity in the Bonk meme coin. Santiment data shows that BONK’s daily trading volume rose sharply from 1.57 billion on Saturday to 2.67 billion on Sunday, the highest level since its launch in December 2022.
%20[12.35.21,%2018%20Nov,%202024]-638675173808896638.png)
BONK daily trading volume chart. Source: Santiment
Bonk Price Forecast: Towards new all-time high
Bonk price surged more than 100% last week and hit a new all-time high of $0.000056 on Sunday and retreated afterward. As of this week, it trades slightly higher around $0.000053.
If Bonk continues its upward momentum, it may set the stage for a potential move towards a fresh all-time high at $0.000062, which aligns with the 161.80% Fibonacci extension level drawn from May’s high of $0.000044 to September’s low of $0.000015.
However, the Relative Strength Index (RSI) momentum indicator on the weekly chart trades at 71, above its overbought level of 70, signaling an increasing risk of a correction. Traders should exercise caution when adding to their long positions, as the RSI’s move out of the overbought territory could provide a clear sign of a pullback. Another possibility is that the RSI will remain above the overbought level and continue the upward momentum.
BONK/USDT weekly chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Pi Network Price Forecast: PI holds a crucial support level amid rising selling pressure
Pi edges lower to retest a crucial support level as it decouples from the broader market recovery. PI token unlocks and increasing balance on CEXs boost selling pressure.
Dogecoin, Shiba Inu face profit-taking risk as Bitcoin's rally takes a breather
Dogecoin and Shiba Inu are frontlining meme coins losses on Tuesday, following a strong uptrend the previous day. The surge in the prices of DOGE, SHIB and other crypto assets followed in the footsteps of Bitcoin, which hit a new record high of $123,218 on Monday.
Meme Coins Price Prediction: Solana-based BONK, PENGU, WIF could lead the next market bull run
Bonk’s breakout rally gains traction, printing its fourth consecutive bullish candle. Pudgy Penguins' steadies amid the announcement of the upcoming launch of a multiplayer game, eyes further gains.
Crypto Today: Bitcoin, Ethereum, XRP trim gains amid declining ETF inflows and profit-taking
Bitcoin encounters volatility and slips toward $116,000 as investors book profits from the rally to record highs. Ethereum bears take back control as ETH drops below $3,000 ahead of US CPI data.
Bitcoin: BTC hits new all-time high and enters price discovery mode
Bitcoin price prints a new all-time high near $118,900 on Friday, entering uncharted territory as bullish momentum accelerates. The surge in BTC was supported by rising corporate and institutional demand, with spot Bitcoin ETFs recording a total of $1.69 billion this week as of Thursday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.