BONK, Solana’s Dog Coin, Skyrockets 200% in Days

Bonk (BONK), a dog coin issued by Solana, has surged in value by over 200 percent in a matter of days.

BONK appears to be capitalizing on the favorable momentum set in motion by Solana (SOL), the seventh-largest cryptocurrency, which continues to outperform other major cryptocurrencies in the current bull run.

Solana, the “Ethereum Slayer,” has performed exceptionally well among altcoins, increasing value by over 220% annually.

For the first time since May 20, 2022, Solana surpassed $54, resulting in extraordinary monthly and weekly gains of 158.5% and 32%, respectively.

The on-chain analytics firm Santiment has once again observed an increase in SOL discussion rates: BONK, a Solana dog token, seems to be appreciating the heightened interest that SOL is currently garnering.

The recent upswing in the dog coin seems to be supported by a favorable technical chart pattern. This week, BONK surged significantly due to a bullish formation, a golden cross, that appeared on its daily chart.

When a short-term moving average crosses above a long-term moving average, a bullish chart pattern known as a golden cross may indicate that the price of a particular cryptocurrency is about to increase. BONK confirmed this bullish crossover as its daily MA 50 surpassed the daily MA 200.

The dog coin started to increase on October 20, when it reached a low of $0.000000178. Before this period, BONK had encountered weeks, if not months, of price stagnation.

The rally intensified on November 9, mere days following the formation of a golden cross; within forty-eight hours, BONK surged by more than 100 percent.

On November 10, the surge reached its zenith at $0.00000293, where bulls encountered resistance.

BONK is presently undergoing profit-taking, with a 24-hour decline of 2.44% to $0.000002081 as of this writing. Nevertheless, over the past week, it has surged by over 200 percent.