BONK market cap surges past $2B, but traders need to be careful

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BONK's market capitalization surged dramatically as investor enthusiasm for memecoins intensified. Will BONK rise?

witnessed a massive surge in market cap over the last few days as overall interest in the memecoin sector grew.Over the last 24 hours, BONK’s market cap grew by 7%, and it reclaimed the $2 billion market cap level. At press time, the memecoin was trading at $0.00002811, with its price having grown by 6.11%.

Even though a bearish trend was established, recent bullish momentum has helped not only break this trend, but a possibility of a reversal has also emerged. Notably, the RSI grew to 67.74 over the last few days. The CMF also surged materially, implying that the money flowing into BONK had grown.Another factor that could impact BONK would be its performance in the social sector. AMBCrypto’s analysis of Santiment’s data indicated that Social Volume had decreased. This can have a negative impact on prices, going forward.

 

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