BONK Price Rallies 10% in 24 Hours with $500 Million Volume: Can It Overtake Shiba Inu?

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Harvey Hunter

Content Writer

Harvey Hunter

Part of the Team Since

Apr 2024

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Harvey Hunter is a Content Writer at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

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Last updated: 

July 2, 2024

Over the last 24 hours, the BONK price has rallied a significant 10.35% amid a wider market decline, where meme coins experienced a net 1.4% decline.

Interestingly, indicators are hinting towards further upside.

Over the past week, BONK recorded a 19.28% gain. This impressive increase contrasts with the losses observed in major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which have seen retracements.

This performance highlights a resurgence from BONK, making headway to recover from the 20.27% loss it has made over the past month.

Indeed, despite less than optimal price action in recent weeks, trader interest in BONK remains robust – the coin’s trading volume has surged by 99.02% over the past 24 hours.

BONK Price Approaches Key Resistance- Can It Overtake Shiba Inu?

After its surge in the early hours of this morning, it appears that the BONK price is primed for further upside.

Most notably, BONK appears to be approaching a retest of the $0.00002568 support level (dark grey) following a failed attempt to push through resistance. If it can decisively bounce off this support, it would indicate resilience and further upside potential.

This prospect is supported by the meme coin’s relative strength index (RSI) (purple), which has decreased to 55 from 85 since its failed resistance test.

This represents a pullback from overbought conditions to more stable ones, mirrored in the slight price correction.

However, while 55 represents a neutral stance, it still airs on bullishness. Therefore, it would be credible to interpret this as a cool down, forming a stronger foundation before further upside.

Wider trends suggest this may be the case. Most significantly, the 30-day moving average (yellow) is trending steeply upwards, sitting comfortably above the 200-day moving average (blue), which is showing a moderate incline.

This suggests that, despite the correction, BONK displays strong short-term momentum. Additionally, the overall long-term trend is improving, reinforcing a positive outlook for the asset.

But is this enough to tackle Shiba Inu’s dominance? While technical indicators suggest positive short-term price movements, sustainable long-term growth will likely hinge on fundamental factors.

Notably, Traders are moving to the next generation of meme coins for a shot at the podium, which leverage more than just beloved memes and a devoted community—they have real utility.

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Enter Base Dawgz, the latest Shiba Inu-inspired meme coin whose cross-chain capabilities hint at the future utility of meme coins.

Shiba Inu gained fame through viral appeal and community-driven promotion, quickly becoming a favorite among meme coin investors.

Endorsements from influential figures helped it rise from obscurity to prominence.

In contrast, Base Dawgz has redefined community engagement with its innovative share-to-earn system.

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While details on the exact reward structure are yet to be released, the promise of staking opportunities is already generating buzz among potential investors. This makes $DAWGZ an appealing prospect for those looking to maximize their investment.

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