The Solana-based meme token BONK is making waves. Now ranking 69th on CoinGecko’s list of the most valuable digital currencies, its market capitalization has exceeded $1 billion, a first for the cryptocurrency. But with a recent surge in the market, bears are now heavily shorting the meme coin, leaving its future uncertain.
BONK’s value has soared 1,200% in just a month, crossing the $2 billion mark. Its connection to the well-performing Solana may have influenced this surge. Additionally, its momentum was likely boosted by Coinbase showcasing BONK’s potential and listing it on the platform.
According to Coinglass, Bonk’s recent surge triggered a massive short-liquidation of nearly $1.6 million. However, its recent surge is now facing a halt as bears are increasingly opening short positions near the high.
Traders are showing a bearish inclination, with Bonk perpetual futures facing a short squeeze. Further increase in price can force short sellers to cover their positions quickly. This action can then create a bullish effect, sending prices upward.
At the moment, Bonk price trades at $0.0000278, surging over 92% from yesterday’s rate. If the price continues to drop, it may reach its breakout point of $0.0000123 with increased buying pressure.
Read more about the speculation surrounding BONK as it faces heavy short positions. Whether it will be able to maintain its recent high or succumb to bearish trends, only time will tell. Check out the full report here.
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Shayan is a digital nomad and a professional journalist. » … Read More
