Leading Solana-based meme coin Bonk [BONK] ranked as the cryptocurrency asset with the most gains in the past 24 hours.
ranked as the cryptocurrency asset with the most gains in the past 24 hours. Trading at $0.000026 at press time, BONK’s price was up 12% during that period.data, the price surge was accompanied by a corresponding uptick in daily trading volume. During the period in review, the token’s daily trading volume totaled $522 million, rising by 67%.The double-digit rally in BONK’s price resulted in an uptick in trading activity in its derivatives market.
When an asset’s Open Interest and price increase, it is a bullish signal. It often confirms the strength and continuation of the uptrend.This was based on the readings from its Funding Rate across cryptocurrency exchanges, which was negative at press time. This meant many BONK Futures traders demanded short positions.Funding rates are used in perpetual futures contracts to ensure an asset’s contract price stays close to its spot price.
When an asset’s Funding Rate is negative, more traders are buying the asset, expecting a price decline, than those buying and hoping for a rally.While BONK’s Futures traders opened short positions, the bullish bias toward the meme coin in its spot market gained momentum. For example, for the first time since the 4th of July, the dot of the token’s Parabolic SAR indicator was spotted below its price.
The indicator is used to identify potential trend direction and reversals. When its dotted lines rest under an asset’s price, the market is said to be in an uptrend.Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics.
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