Solana-based meme coin project BONK has made a strong splash with renewed optimism in the market. This was followed by several altcoins, which were generally dormant. Meanwhile, another dog-themed crypto, SHIB, is heading towards one of its strongest weeks.
Solana-based meme coin popped up!
As you follow on Kriptokoin.com, the latest high-profile exchange-traded fund (ETF) applications in the US have affected the market. After these applications, Bitcoin reached its highest level in a year. BlackRock, Inc. The latest news of the company’s surprise application for the US spot Bitcoin exchange-traded fund has rekindled interest in cryptocurrencies.
Solana dog coin BONK has not been left out of the action as it has made positive moves over the past 24 hours. BONK hit an all-time high of $0.000004922 on January 5 this year. However, soon after, the meme coin took a dip before settling into a range. For BONK, months of range trading continued with occasional price increases. But there was no way out of the range. In February, BONK started trading below the daily MA 50 and remained there. On June 23, BONK experienced a rapid rise that continues today. Thus, it reached its intraday high of $0.000000486. At the time of this writing, BONK has reached $0.00000041, up 25% from the previous day. The token has also increased by 33% over the past week.
BONK daily price chart / Source: CoinMarketCapHow is the technical outlook for BONK?
The current BONK action marks another break above the daily MA 50 in weeks. We’ll see if the bulls can sustain the ongoing pace. Currently, BONK is down almost 92% from its all-time high after the massive rally at the beginning of the year. BONK became the center of attention in the Solana ecosystem in January as sentiment around Blockchain took a hit following the collapse of the FTX exchange.
In April, BONK developers announced the launch of their native decentralized exchange (DEX), marking one of the first major releases for the dog-themed token. Users will be able to trade Solana, BONK, and stablecoins via the DEX called BonkSwap, which will leverage Solana smart contracts. The majority (80%) of BonkSwap fees will be towards compensating locked stakers and liquidity providers of Bonk and BonkSwap LP positions that are expected to increase in value to their holders.
Shiba Inu (SHIB) enters 10th day on the rise
SHIB is heading towards one of the strongest weeks of the year with renewed optimism in the crypto market and ecosystem. Throughout the week, crypto investors have been stripped of comments from central bankers pointing to higher interest rates. A Bitcoin ETF by BlackRock was in the focus of investors. The Shiba Inu climbed to $0.00000846 during the week. Thus, it reached 10.96%, its highest weekly gain since January, according to transaction outlook data.
The Shiba Inu is on track to reach its second green week in June. However, the Shiba Inu is poised to close its 10th day since June 15 with gains if it closes positive today. The Shiba Inu started the rise from the lows of $0.00000649 after confirming the oversold conditions. The rise peaked at $0.00000846 on June 22. However, the Shiba Inu remains green on its 10th daily earnings track.
https://twitter.com/LucieSHIB/status/16723100888810242063
The Shiba Inu community applauds this outstanding achievement. Along these lines, Shiba ecosystem official Lucie is excited about the potential for a bull run for SHIB. At the time of this writing, SHIB is up 2.28% in the last 24 hours to $0.000008. It has been observed that the movements of large holders generally affect the price of SHIB. According to IntoTheBlock, the week starting June 19 saw a massive 7.44 trillion SHIB in massive trading volume.
On-chain analytics firm IntoTheBlock estimates Shiba Inu’s massive transaction volume in the last 24 hours at 767.35 billion SHIB. According to IntoTheBlock, large transactions are over $100,000. An increase in this metric typically reflects increased activity by trading whales.
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