- Bonk has surged by 8.03% over the past 24 hours.
- However, a decline in its social dominance signaled a potential pump until FOMO returns.
After reaching a high of $0.000059 following a sustained uptrend, Bonk [BONK] experienced a sharp decline to a low of $0.00003837.
However, since then, the memecoin has experienced a four-day consecutive uptrend, signaling a potential breakout. In fact, as of this writing, Bonk was trading at $0.00004648, an 8.03% increase on daily charts.
Over the same period, the memecoin’s trading volume increased by 109.84% to a record $1.01 billion.
Despite the price pump, Bonk remains approximately 20.79% below its ATH recorded 18 days ago.
With the recent gains, analysts are left deliberating over the memecoin’s trajectory. Inasmuch, Santiment analyst sees more gains, citing FOMO.
Market sentiment
In their analysis, Santiment posited that Bonk is set for more gains since there’s less attention from the crowd.
Source: Santiment
According to them, the memecoin will continue to experience pump until FOMO returns. As such, when the crowd gets greedy, large wallets sell and prices retrace shortly after.
Based on Santiment data, social dominance has declined from 1.53% to 0.27%. Usually, the market performs the opposite of the crowd’s expectations.
Thus, when investors pay less attention, prices pump and the reverse is true.
What BONK’s charts say
According to AMBCrypto’s analysis, Bonk was experiencing a strong upward momentum amidst increased buying pressure.
