- Bonk (BONK) crypto reached $1 billion in trading volume, reflecting high interest in this meme coin
- Despite the surge in volume, BONK’s price remains steady around $0.000026, suggesting caution
- On-chain data shows bearish sentiment and an overbought Money Flow Index, indicating possible price consolidation
Meme coin Bonk (BONK), which is the second largest on Solana, just reached a major milestone: $1 billion in trading volume. Up 43% in a week, it’s been making traders take notice. But there’s a catch: with this spike in volume, the price of BONK has stayed flat around $0.000026 over the past day.
Increasing Volume, Flat Price
On November 9, the trading volume of BONK was at $125 million. Now, it has shot up, indicating strong interest but without any movement in price. This disconnect could hint that BONK’s momentum may be topping out, so traders should tread carefully.
Sentiment Turns Bearish
On-chain analysis shows that BONK’s sentiment has turned bearish, which might allude to a faltering demand.
Add to that its Money Flow Index being near overbought levels, and we might see a retracement in price to $0.000023 soon.
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Though BONK’s high volume shows interest, the stuck price and bearish sentiment hint at possible problems ahead. Will BONK react positively, or will it end up in the background?
