Alongside a massive market rally, Bonk has reached a new all-time high today. Specifically, the Solana-based meme coin reached $0.00003876 and is up more than 55% over the last 24 hours according to CoinMarketCap. Subsequently, could the surge set up BONK to hit $0.01 sooner than meme coin mainstay Shiba Inu?
The surge is undoubtedly connected to the overall positive sentiment that is abounding the digital asset market today. Indeed, Bitcoin has led the way, reaching $66,000 on Monday, and is poised to reach a new all-time high sooner than later. Yet, Bonk’s performance amid that same rally could set it up to prove its worth against some of the more popular meme coins.
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BONK Up 5,000% on The Year, Thickens Meme Coin Competition
There was tremendous hope that 2024 would be a monumental year for digital assets. Specifically, Bitcoin was expected to have a massive increase in value connected to recently approved Spot Bitcoin ETFs. Moreover, that was predicted to have an immense impact on the market as a whole.
With March within its first week, that has already proved to be the case. Yet, one of the surprising performers of the year has been the Solana-based meme coin BONK. The token has already surpassed its all-time high and is amid a massive surge. Yet, could that lead Bonk to hit $0.01 quicker than Shiba Inu?
Also Read: Shiba Inu, Dogecoin, BONK Ride Bitcoin Wave, but PEPE Stands Tall
The meme coin subsect of the industry has seen assets like Shiba Inu, Pepe, and Dogecoin dominate the discussions. However, with 5,000% gains in the year, Bonk is displaying massive momentum. However, there is still the potential that the meme coin could correct in the coming weeks.
For Bonk, the relative strength index (RSI) reached 90 early Monday. That notifies that the asset is firmly within the overbought region. Alternatively, the price has increased beyond the 30-day average. Yet, it has also risen beyond the 200-day average. That is not poised to continue indefinitely, however, considering the previously mentioned RSI figure.
The overall ascension of BONK is likely due to whale purchases of the asset, as its trading volume reached $1 billion on Monday. Therefore, there remains the concern that the value could decrease as buyers take a profit, and a correction occurs.
Could it Outpace Shiba Inu and Pepe?
Also Read: Shiba Inu Price Rises Another 33% as Meme Coins Continue To Explode
Still, there is no understanding of the impact of the current Bitcoin run. The asset is expected to head toward a new all-time high, surpassing the $69,000 figure it reached in November of 2021. Subseuqnlety, the market could provide more room for Bonk to continue ascending.
This is especially possible as the market approaches the highly-anticipated Bitcoin halving event scheduled to take place on April 19th. However, could Bonk reach the $0.01 level before Shiba INu? That becomes a difficult prospect considering the volatility of the meme coin market.
Shiba Inu (SHIB) is up 33% today, and shown another beneficiary of the meme coin Monday surge. Additionally, meme coin competitors like Pepe has increased a remarkable 44% over the last 24 hours. Currently, Bonk still leads those assets in terms of daily increases amid the greater surge.
The path to $0.01 still appears concerning, but Bonk has edged out ahead of the meme cion pack as of today. Only time will tell what kind of price correction takes place, with the RSI overbought indicator likely to play an important role in the coming weeks.
Additionally, how Bitcoin performs over the next five days should provide a clearer picture of the sustaining potential of the current rally. Especially as it all works to set the stage for April’s halving. Yet, it is difficult to forecast BONK continuing its current trajectory and surpassing SHIB to reach $0.01 despite their current standings.