Since the beginning of the new year, the new meme coin Bonk Inu (BONK), this time on Solana, cheers up the market mood. According to the latest update, the total supply of the cryptocurrency is expected to be 100 trillion tokens, half of which were dropped for free to the Solana community.
Despite the massive token burns the Doge-themed Solana-based meme coin BONK pared the gains on Sunday. The developers burned their allocation of 5 trillion tokes early Friday. Following the move, nearly $ 1 million worth of BONK was removed from circulation. The supply squeezes 5% to 94.16 trillion as per Solscan, a Solana block explorer.
As of press time, BONK/USDD reads at $0.00000016, up 3.38% for the day. As per Coinmarketcap, the 24-hour trading volume fell 24% to $27,322,819. A fall in volume with a rising price is a bearish sign
BONK price remains pressured below 21-day EMA
After testing a high of $0.0000050 on January 5, the price depreciated by almost 35%. Since then the price is hovering in a range of $0.0000018-$0.0000023. As investors await for next trigger. If the price breaches the downside of the range then the price could test the new low.
On the other hand, an hourly candlestick above $0.0000020 would mean a reversal of the prevailing trend in the short term. An upper target of $0.0000025 seems possible followed by the horizontal resistance zone at $0.0000030.
What is Bonk?
BONK is Solana’s first dog-meme coin launched on December 25. The project’s whitepaper explained Bonk as a Solana “community coin” that will be used “across the many DApps” on the network.
