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In an intriguing flip of occasions, aligning with the bullish sentiment prevailing inside the broader crypto market, Bonk, a meme coin, gained vital traction throughout the worldwide crypto realm because it surged practically 30% at the moment, February 29. This surge by the meme coin promptly garnered noteworthy consideration as a Smart Money’s accumulation, pushing the value up, surfaced throughout the crypto horizon.

Insights unveiled by Lookonchain revealed a staggering 98 billion BONK acquired from Binance, one of many world’s main cryptocurrency exchanges. This accumulation seems to be primarily chargeable for the bullish local weather BONK painted at the moment, nabbing the eye of crypto market merchants and buyers.

Today the value of $BONK has elevated by greater than 50%!

A SmartMoney amassed 98B $BONK($1.54M) from #Binance once more earlier than the value elevated.

He at the moment holds 319.44B $BONK($7M), with a revenue of $2.9M.https://t.co/1oXGa1QlKp pic.twitter.com/TXYw2H07yz

— Lookonchain (@lookonchain) February 29, 2024

Derivatives knowledge unveiled by Coinglass additional hinted at an uptrend prevailing inside the market, with buyers portraying confidence within the asset. This birthed bullish sentiments for BONK, propelling market optimism for the meme coin.

Navigating BONK’s Unexpected Surge

Over the previous seven days, following a sluggish efficiency until February 26, BONK gained a gradual upward momentum, till the above-mentioned whale accumulation lastly pushed the value up considerably. BONK’s provide took an enormous hit with this whale accumulation, ensuing within the abovementioned pump.

Meanwhile, technical indicators portrayed a robust shopping for sentiment for BONK inside the market as of press time. While it’s price noting that additional whale accumulations may push the costs up considerably, the present RSI hints at an overbought situation prevailing inside the market, fueling further bullish ideas on BONK. This probably paves the street for BONK to rally forward, reaching a brand new ATH if whales proceed accumulating additional.

However, because the essential resistance of $0.000024- $0.000028 nears, an in depth above it would impede the meme coin’s upward trajectory on account of a crushing inclination to promote the asset. Nonetheless, a maintained shut above the mark probably carves out the trail for additional pumps.

With the upcoming Bitcoin halving birthing a bullish sentiment amongst crypto market merchants and buyers, scaling of a brand new ATH probably looms for BONK, because it might soar alongside different altcoins. Further, if market bulls want to pump the coin additional, avoiding the temptation to promote on the earliest revenue signal stays essential.

Also Read: KuCoin Partners Revolut for Euro On-Ramp Amid Bitcoin’s Splendid Rally

BONK Price Rallies

As of writing, the BONK price famous an uptick of a whopping 30.23% over the previous 24 hours and is at the moment buying and selling at $0.0000214. The meme coin birthed immense market optimism with a weekly surge of 76.92%.

Derivatives knowledge unveiled by the tracker Coinglass additional hinted at an uptrend available in the market, mirroring BONK’s pump. The open curiosity rose 27.10%, reaching $9.40 million, whereas quantity surged 139.72%, reaching $269.43 million. This signaled substantial new cash getting into the market, with burgeoning market exercise.

Additionally, the OI-weighted funding fee additionally surged phenomenally, at the moment resting at 0.1021%. This indicated a way of readiness amongst merchants to speculate extra in sustaining lengthy positions in BONK, including as much as the bullish local weather painted by the meme coin.

Aligning with this bullishness, crypto market fans count on to see bolstered costs forward with continued whale accumulations as a robust shopping for sentiment prevails. However, merchants and buyers might witness a flipside if a promoting strain at or above the resistance takes over.

Also Read: Bitcoin Crash: Key Reasons Behind BTC Retreat After Rallying To $64K

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