The cryptocurrency market rally seems to be dimming out. Bitcoin (BTC) climbed to a new all-time high of $122,838 on July 14, but has since fallen to the $117,000 level. Most other assets are following BTC’s trajectory on the daily charts. Bonk (BONK), however, continues to trade in the green zone across the board. The memecoin is up 10.4% in the daily charts, 26.9% in the weekly charts, 109.7% in the 14-day charts, and 96.9% over the previous month. The coin’s price has also risen by 20.5% since July 2024.
Will BONK’s Rally Outshine The Larger Market Upswing?
It appears BONK has yet to face a dip, while other assets are already in a downtrend. The project’s “memecoin” status may have something to do with its performance pivoting from the larger market. Memecoins are heavily subject to speculation. Online buzz plays a large role in the price swings of meme tokens.
BONK’s rally is likely due to the team announcing a 1 trillion token burn when the asset hits 1 million holders. The move has led many to believe that the coin’s price will experience a massive surge.
BONK has about 77 trillion tokens in circulation. If one trillion is removed, it will have about 76 trillion in supply. The figure is still quite large. The hype around the burn may lead to a more significant price surge than the actual burn itself.
Also Read: What BONK, DogWifHat & PEPE Are Signaling for July?
There is a high chance that investors will book profits soon. Such a scenario may lead to a massive sell-off. BONK could face a big correction under such circumstances. The crypto market is also losing substantial steam at the moment. Bitcoin’s (BTC) correction could lead to other assets following suit.
How BONK’s price behaves over the coming weeks is yet to be seen.
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