Dogecoin Rival BONK Rallies Almost 20%: Bullish Trader Doubles Down, Another Declares 'BONK Is The Next DOGE'
Portfolio Pulse from Khyathi Dalal
Bonk (CRYPTO: BONK), a memecoin rival to Dogecoin, surged 19.5% in the last 24 hours, with a 24-hour trading volume of $592 million. A bullish trader who previously profited from BONK has reinvested, purchasing 3.29 billion BONK with 386 Solana (CRYPTO: SOL). Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) saw smaller gains. The market is also reacting to the approval of a Spot Bitcoin ETF, and influencers are comparing BONK to Dogecoin on the Solana platform.
January 11, 2024 | 9:00 pm
News sentiment analysis
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NEUTRAL IMPACT
Dogecoin (DOGE) saw an 8% increase on the day but remained relatively flat over the week with only a 0.2% gain.
While DOGE experienced a daily increase, its performance over the week was flat, suggesting a neutral short-term impact compared to the more volatile BONK.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Shiba Inu (SHIB) is up 7.5% on the day, with a 24-hour trading volume of $338 million.
SHIB's performance is positive for the day, but it does not indicate a strong short-term trend, especially when compared to BONK's rally.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Bonk (BONK) experienced a significant rally of 19.5% in the last 24 hours, outperforming other memecoins with a high trading volume.
The rally in BONK price is likely to continue in the short term due to the recent investment by a successful trader and the overall positive sentiment in the memecoin market, especially with the recent Bitcoin ETF approval.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Solana (SOL) was used by a trader to purchase a large amount of BONK, indicating continued interest in the Solana platform for memecoin transactions.
The use of SOL for a significant BONK purchase suggests a positive sentiment towards Solana's utility in the memecoin market, which could lead to a short-term positive impact on SOL's price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70