bullish

Hamster Kombat

Wednesday

Bonk

Shiba Inu

BONK has emerged as the top gainer among the leading 100 assets following a major announcement from the South Korean crypto exchange Upbit. 
Bonk (<a href="https://crypto.news/price/bonk/" target="_blank">BONK</a>), the first Solana-based meme coin, surged 18% on Wednesday to hit a new all-time high of $0.000058. Its market cap soared to over $4.1 billion when writing, flipping Dogwifhat’s (<a href="https://crypto.news/price/dogwifhat/" target="_blank">WIF</a>) $3.2 billion market cap to reclaim its position as the largest meme coin on the Solana blockchain. 
<h2 class="wp-block-heading" id="why-is-bonk-going-up">Why is BONK going up?</h2> 
The altcoin’s price uptick coincided with a jump in the meme coin’s futures open interest. According to <a href="https://www.coinglass.com/currencies/BONK" target="_blank" rel="nofollow">data </a>from CoinGlass, OI for BONK’s futures market rose to an all-time high of $53.5 million, more than 7 times its monthly low of $6.3 million, suggesting a growing demand from investors. 
<a href="https://crypto.news/tag/bonk/" target="_blank">Bonk</a>’s recent rally followed its <a href="https://x.com/Official_Upbit/status/1859075988770140170" target="_blank" rel="nofollow">listing </a>on South Korea’s largest crypto exchange, Upbit. BONK’s daily trading volume shot up 95% amid the listing, hovering over $3.5 billion when writing. 
Another key factor driving the altcoin’s gains is Bonk DAO’s <a href="https://crypto.news/bonk-30-bonk-dao-to-burn-1-trillion-coins-by-holiday/" target="_blank">announcement</a> of a massive 1 trillion <a href="https://crypto.news/bonk-leads-meme-coin-rally-with-25-surge-amid-token-burn-and-whale-activity/" target="_blank">token burn</a> scheduled for Christmas Day, which is set to reduce the total number of tokens in circulation, thereby increasing scarcity. 
 You might also like: <a rel="" href="https://crypto.news/shiba-inu-price-prepares-a-big-move-as-burn-rate-surges-940/"> Shiba Inu price prepares a big move as burn rate surges 940% </a> 
Whales have also been interested in the meme coin lately. According to <a href="https://x.com/lookonchain/status/1859080124236525685" target="_blank" rel="nofollow">data </a>shared by Lookonchain, a whale with a history of profitable meme coin investments has spent 3.4 million USDC to buy 65.4 billion BONK tokens. Last week, another whale was seen picking up <a href="https://x.com/lookonchain/status/1856952728586792977" target="_blank" rel="nofollow">29.32 billion BONK </a>at $0.0000387. 
Whale buying typically boosts retail investor confidence in an asset, potentially driving FOMO (fear of missing out) among those seeking quick gains. 
<h2 class="wp-block-heading" id="bullish-momentum-to-continue">Bullish momentum to continue</h2> 
BONK’s rally hasn’t lost strength despite surging over 72% in the past week alone. On the 1-day BONK/USDT price chart, BONK’s EMA lines show a strong bullish trend, with the short-term 50-day EMA above the long-term 200-day EMA and the price staying above both lines.&nbsp; 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="928" height="544" src="https://crypto.news/app/uploads/2024/11/BONKUSDT_2024-11-20_14-05-35.png" alt="BONK hits new all-time high following Upbit listing - 22" class="wp-image-14312200">
 <figcaption class="wp-element-caption">
 BONK price, 50-day EMA and 200-day EMA — Nov. 20 | Source: <a href="https://crypto.news/price/bonk/" target="_blank">crypto.news</a>
 </figcaption>
</figure> 
Based on this setup, the bullish trend is expected to continue in the short term as the buyers remain in control. However, the Relative Strength Index showed a reading of 82, which confirms the bullish momentum but puts the meme coin at overbought levels. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="928" height="544" src="https://crypto.news/app/uploads/2024/11/BONKUSDT_2024-11-20_14-05-48.png" alt="BONK hits new all-time high following Upbit listing - 23" class="wp-image-14312201">
 <figcaption class="wp-element-caption">
 BONK RSI chart — Nov. 20 | Source: <a href="https://crypto.news/price/bonk/" target="_blank">crypto.news</a>
 </figcaption>
</figure> 
Despite the overbought status, an analyst <a href="https://x.com/BigCheds/status/1859073844599746813" target="_blank" rel="nofollow">suggests </a>that BONK is undergoing a ‘Blue Sky breakout,’ which could sustain its upward trajectory in the coming days.&nbsp; 
This speculation is supported by strong catalysts driving the uptrend and the current hype around meme coins. Separately, Bitcoin’s recent rally to new highs has amplified market-wide sentiment, further boosting interest in the meme coin sector, which gained 2.3% over the past day. 
 Read more: <a rel="" href="https://crypto.news/hamster-kombat-price-is-in-a-bear-market-are-2x-gains-possible/"> Hamster Kombat price is in a bear market; are 2x gains possible? </a>

BONK hits new all-time high following Upbit listing

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