Solana meme coins are “waking up” as we march through the first few days of July. And now, BONK is putting up a decent price surge in the last 24 hours.
Cryptocurrency analyst Jakey has highlighted the impact of BONK beyond its price action. He emphasized its contribution during a critical period for Solana.
What you'll learn 👉
A Timely Airdrop Strategy
Jakey describes in his tweet the “dark days” for the Solana ecosystem. He mentioned that during this time, BONK took an unexpected approach.
The project initiated an airdrop that not only helped many participants recover financially but also served as a potent reminder of Solana’s fundamental appeal and potential.
BONK’s strategy went beyond mere token distribution. It effectively renewed interest in the Solana platform. Jakey stated that it encouraged developers and users to re-engage with the ecosystem. This move played a pivotal role in Solana’s broader recovery and growth trajectory.
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Show more +BONK’s Current Market Position
While BONK’s ecosystem contributions are noteworthy, its current market performance also merits attention:
Our recent analysis indicates that BONK has successfully broken out of a descending channel in the daily timeframe. This technical development is often interpreted as a bullish signal, suggesting the potential for further upward movement.
The daily Relative Strength Index (RSI) for BONK currently stands at 54.7. This reading is particularly informative:
- An RSI of 54.7 indicates that the token is in a balanced state.
- There’s still room for potential growth before reaching overbought conditions (typically considered at 70 or above).
BONK’s 200-day Moving Average is $0.0000211, according to TradingView data. The 200-day moving average might help you understand long-term market movements.
The last day saw a 10% increase in BONK. The trading range for the meme coin is $0.00002342 – $0.00002675 over a 24-hour period. Leaving all price factors aside, BONK has demonstrated that meme coins can have an important effect beyond price volatility.
Read more: This Solana Meme Coin Continues to Outperform dogwifhat (WIF) and BONK
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