Bonk is the first Solana dog-themed crypto that began its trading journey with 50% of the total supply airdropped to the Solana community. The token has made a remarkable surge in the past 30 days of over 1200%. This surge has also elevated the Solana (SOL) price, which has soared over 30% at the same time. The current price action was a result of the token being listed on major exchanges and also reaching an ATH.
Exchanges like Coinbase, Binance, KuCoin, and Crypto.com were listed, which sparked the rally that was intensified by the fresh FOMC’s announcement that it plans to maintain interest rates and strategize cuts in 2024. With a remarkable rise of over 100% in a day, the BONK price marked a new ATH of $0.000035 from the lows around $0.0000124. This move lifted the market cap beyond $1 billion from around $400 million.
Besides, the PEPE price continues to maintain a steep descending trend and has been failing to surpass $0.0000015 in the past couple of days. Also, the Shiba Inu price is struggling to sustain above $0.00001. The SHIB price rose above the crucial resistance at $0.0000097, and after marking monthly highs, it is undergoing a minor correction, which is expected to prevail for a while.
Considering the current trading conditions, can BONK replace SHIB to become the second-largest memecoin according to the market cap?
The BONK price surged beyond the rising, expanding channel and was expected to face a rejection from the upper resistance. However, the RSI has triggered a bearish pullback in the short term, which is expected to trigger a rebound soon. This may cause a healthy rebound in the price, which may continue to form new highs every day.
Therefore, if the Shiba Inu price continues to consolidate within narrow regions, Bonk may eventually dethrone SHIB to become the second-highest memecoin in the market.
