Altcoin
Top Reasons Behind the Spike?
One of the most renowned dog-themed meme coins, BONK, again emerged on crypto traders’ and investors’ radars on Saturday as it witnessed remarkable price gains against the backdrop of renewed market interest. Notably, BONK price soared roughly 15% intraday, primarily attributable to highly bullish market dynamics. So, let’s delve deeper into some of the top reasons fueling a bullish trajectory for the renowned dog-themed meme token.
Here’s Why Bonk Price Is Up 15% Intraday
Meme Coin Rally Fuels Optimism
Intriguingly, as 2025 kicks off, the broader crypto market has shown signs of recovery and sustained recent gains. In light of this broader trend, even the meme coins sector witnessed rising trajectories.
Notably, BONK price appears to have stolen the spotlight alongside other top meme coins like DOGE, SHIB, & PEPE. BONK mirrored a remarkable jump as other top players like DOGE, SHIB, & PEPE gained 5%-15% intraday. Particularly in the wake of soaring market expectations of a bull cycle continuation in 2025, the broader market as well as the meme coin sector show signs of recovery.
Bonk On-Chain Activities Signal Bullish Momentum Ahead
Simultaneously, another bullish on-chain stat has further rationalized the recent price upswing, underscoring rising market interest in the asset. Coinglass data showed that the BONK futures Open Interest surged 26% to $14.57 million today. Moreover, the asset’s derivatives volume witnessed a 62% uptick to $98.54 million. Overall, the burgeoning derivatives data for the token flags increased interest in the asset amid a broader market recovery.
Also, it’s noteworthy that the dog-themed meme coin’s community witnessed a massive burn recently. CoinGape reported that the Bonk community witnessed the burning of 1.69 trillion tokens, dealing a massive blow to the circulating supply. This saga further rationalizes the recent price upswing, mirroring the law of supply and demand.
Altogether, the abovementioned factors appear to be primarily fueling the BONK price gains on January 4.
What’s Lies Ahead For BONK?
Simultaneously, market watchers continue to speculate over the asset’s future perspectives in light of the recent bullish dynamics. At the time of reporting, BONK price was up 15% to $0.00003582. Its 24-hour low and high were $0.00003104 and $0.00003674, respectively. Intriguingly, even the asset’s intraday trading volume witnessed a 52% increase, indicating traders also reacted positively amid the crypto’s bullish dynamics.
As a response, market watchers continue to eye the token for further gains. Moreover, a renowned market expert has further spotlighted a crucial level for the token. As per ‘Cold Blooded Shiller’ on X, BONK is looking huge if it closes the week at around the $0.00003567 level. “Another market that’s reset and ready for more,” the analyst added, sparking optimism over future movements.
However, investors should exercise due diligence as meme coins often tend to showcase volatile trading. In other words, the coins that offers higher returns often comes with increased risks.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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