BONK crypto more than doubled last week after rallying from $0.000024 to over $0.000050. Will the uptrend continue?
-based memecoin BONK rallied 100% in the past seven days, driven by an overall market pump and a massive deflationary plan to burn 1 trillion tokens.
Immediately after the news, BONK pumped 27% and added on its weekly gains, which crossed 100% amid an extra weekend pump. For context, burning tokens reduces supply and ultimately boosts the value of the remaining assets.Last week’s remarkable rally pushed BONK into a price discovery phase. To explore the next likely targets, a Fibonacci retracement tool was placed between the previous all-time high and yearly low.
But BONK grabbing the extra gains could only be feasible if the mememcoin stayed above its previous ATH. Reduced whale exposure usually tends to trigger a consolidation or price decline. BONK could face a cool-off and pullback if they continue shedding their positions.
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