- In the previous day, BONK has increased by 8%, reversing last week’s losses.
- Since the start of the market collapse, BONK has outperformed all leading cryptocurrencies.
- Despite a little market recovery, DOGE, WIF, FLOKI, and BRETT continue to be poor while PEPE and SHIB enjoy increases.
As the meme coin started to recover from significant losses sustained after the Mt.Gox transaction went online and the German government offloaded Bitcoin, BONK surged by around 8% on Monday. PEPE posted a 6% gain, joining the rally as bulls appear to be buying the dip.
Leading the meme coin market are BONK and PEPE
Monday saw BONK start the week with a strong 8% gain, offsetting losses from the carnage in the cryptocurrency market last week. With the change, BONK’s weekly performance improved to a gain of 0.6%, making it the only meme coin among tokens with a market capitalization of more than $1 billion to trade in the green on a weekly basis.
Notably, since the start of the crypto market’s decline in mid-June, BONK has performed exceptionally well in the meme space. According to the figure below, the meme token has experienced the least amount of decline over the last three weeks—only 3%—among the top meme coins.
In an attempt to overtake dogwifhat (WIF), the leader in Solana meme coins, BONK has increased by about 200% since April.
A recent event in London, BONK’s repurchase program through the Bonkbot, and its alliances with Heliopay and Binance are a few possible explanations for the company’s resilience in these uncertain times.
BONK may soon test the critical resistance of $0.000034, which it has been unable to break for almost two months after falling from its all-time high in March, if the general market’s gloomy attitude wanes. Following a May 20 surge, BONK broke through the resistance, but it then plummeted and hasn’t been above it since June 7.
The price level of 0.00001784 serves as a crucial support level to fend off any bearish pressure on the downside.
With a 5% increase in the last day, PEPE has also reversed the bearish trend. Bulls in PEPE are buying the dip because, as of July 7, the exchange net flow was -1 trillion PEPE.
Along with PEPE, SHIB has also been gradually increasing; over the past day, it has gained 2%.
Other popular meme coins, like BRETT, WIF, DOGE, and FLOKI, have found it difficult to withstand selling pressure.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
