Bonk Meme Token Surges 70% in Five Days Driven by LetsBonk Popularity

The price of Bonk, a meme token, has experienced a significant surge, increasing by over 70% in just five days. This rapid ascent has taken the token from $0.000013 to a peak of $0.000022, demonstrating strong bullish momentum. The driving force behind this impressive rise is the growing popularity of LetsBonk, which has deployed a higher number of meme coins compared to Pump.fun, according to Dune analytics.

The anticipation surrounding an upcoming ETF filing and a planned one trillion token burn in December has further fueled investor confidence. As a result, the market capitalization of Bonk has reached $1.76 billion, surpassing that of TrumpCoin, which stands at $1.70 billion. This surge in market capitalization highlights the increasing interest and investment in the Bonk ecosystem.

Currently, the Bonk price is trading at $0.00002240, comfortably above the 200-day exponential moving average (EMA) and the upper boundary of the Bollinger Bands. This technical positioning suggests a bullish trend, supported by various indicators such as the Chaikin Money Flow (CMF) at 0.25, upward-trending MACD and Awesome Oscillator histograms, and an RSI of 73, indicating an overbought condition. Despite the overbought signal, the upward trend suggests that buyers may remain active in the short term, although a cooldown period towards 60 via a consolidation in the Bonk price could occur before another significant rise.

In a bullish scenario, if the support at $0.000022 holds and trading volumes return, Bonk could make a new push towards the relative highs around $0.000029, potentially yielding gains of 35%. Conversely, a clear breakdown below $0.0000190 would signal a return to previous trading ranges, increasing the risk of downward pressure towards the May lows and possibly down to the volume cluster at $0.0000158.