Solana-based memecoin Bonk (BONK) is experiencing a price surge amid a larger market-wide resurgence. According to CoinGecko data, BONK’s price has rallied 3.3% in the last 24 hours, 4.9% in the last week, 17.1% in the 14-day charts, and 5.3% over the previous month. BONK is currently outperforming Bitcoin (BTC), Ethereum (ETH), XRP, and other top 10 projects by market cap in the daily charts. Let’s discuss what’s pushing the memecoin’s price.
Why Is Bonk Rallying Today?
BONK’s rally comes amid a new partnership announcement with a Nasdaq-listed company. According to a PR release, Sharps Technology (STSS) has partnered with BONK to leverage the project’s liquid staking infrastructure. Sharps Technology also has a Solana digital asset treasury. BONK is a top project of the Solana ecosystem and has garnered the attention of STSS’s treasury strategy.
According to James Zhang, Strategic Advisor to STSS, “BONK has become one of the cultural engines of Solana and has consistently driven innovation across the ecosystem.”
BONK’s rally also comes amid a market-wide rebound. Bitcoin (BTC) has reclaimed the $117,000 price mark, and other crypto assets seem to be following its upward trajectory. Binance’s BNB coin hit a new all-time high earlier today.
Will The Memecoin Continue its Rally?
There is a high chance that BONK will continue its upswing over the coming weeks. The Federal Reserve is expected to announce an interest rate cut very soon. Rate cuts often lead to investors making more risky investments. BONK, being a memecoin, carries some of the highest risks in the market.
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However, there is also a possibility that investors will book profits after the recent rally. According to CoinCodex, BONK will face a correction to $0.00001692 on Sept. 25.
Falling to $0.00001692 from current price levels will entail a dip of about 29.12%.