BONK surges 40%, FLOKI up 20% – Memecoin mania returns?

  • BONK’s social volume increased and started trending on social media.
  • FLOKI’s metrics also looked bullish. 

As the market conditions changed, meme coins used the opportunity to push their values up.

While popular meme coins like FLOKI registered double-digit growth, BONK became the star of the show as its value increased by a whopping 40%. 

BONK surprises investors

Days after Bitcoin [BTC] finished its fourth halving, the market witnessed a pump as crypto prices went up. Among the rest, BONK was one of the top gainers, as its value shot up by 40% in just the last 24 hours.

According to CoinMarketCap, at the time of writing, the meme coin was trading at $0.00002145 with a market capitalization of over $1.4 billion.

The good news was that BONK’s trading volume also surged by over 200%, acting as a foundation for the bull rally. The meme coin also became a topic of discussion in the crypto space as its Social Volume spiked.

AMBCrypto’s analysis of Santiment’s data revealed that the meme coin’s Weighted Sentiment improved, hinting that bearish sentiment around the meme coin decreased in the last few days.

Source: Santiment

Our look at BONK’s daily chart suggested that the bull rally might continue further. Notably, the meme coin’s Chaikin Money Flow (CMF) registered a sharp uptick.

Its Money Flow Index (MFI) also went above the neutral mark. On top of that, BONK’s price broke above its 20-day Simple Moving Average (SMA), a further sign that the bull rally would last.

BONKUSD 2024 04 21 12 08 00

Source: TradingView

AMBCrypto then checked Hyblock Capital’s data to find the possible targets BONK might reach in the coming days. We found that the meme coin had a smooth path until the $0.0000232 mark.

At that level, liquidation will increase, which might cause a slight price correction. A successful breakout above the level could result in BONK touching $0.000025. 

Screenshot 2024 04 21 at 12.10.04 PM

Source: Hyblock Capital

FLOKI is also following the trend

While BONK surged 40%, FLOKI also turned bullish as its value increased by more than 20% in the last 24 hours. At press time, it was trading at $0.0001744 with a market cap of over $1.6 billion.

The meme coin’s metrics also looked pretty optimistic.

Realistic or not, here’s BONK market cap in BTC’s terms

FLOKI’s Open Interest went up along with its price. Also, its Funding Rate was low. Usually, prices tend to go the other way than the Funding Rate — this was a sign that FLOKI’s uptrend might continue.

FLOKI's funding rate dropped

Source: Santiment

FLOKI’s MACD displayed the possibility of a bullish crossover. Its Chaikin Money Flow (CMF) also went northward, indicating that the meme coin’s price might increase further in the following days. 

FLOKIUSDT 2024 04 21 12 15 25

Source: TradingView

Next: Looking into whether PEPE’s 35% gains will last through April

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