CandleFocus BONK Jumps 16% to Record Highs as Traders Eye Even More Gains Ahead
2024-11-17
Author: Content Editor
The memecoin BONK has experienced a 16% gain and high trading volumes on Coinbase, surpassing other memecoins like DOGE and SHIB. Technical analysis suggests that BONK has broken out from consolidation patterns and is undervalued compared to its peers. In an effort to increase its value, 1 trillion tokens of BONK are set to be burned by December. BONK's recent surge in trading interest and token burn target can be attributed to the rise of bitcoin and the listing of memecoins on influential exchanges like Coinbase and Robinhood. Traders believe that BONK's appeal for new traders is due to its low unit bias, high Coinbase trading volumes, and relatively low market cap compared to DOGE and SHIB. Interest in BONK within Solana circles is also growing due to activities aimed at deflating token supply, including recent token burns and a target of burning a trillion tokens in December.
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