Whale Accumulation In addition to these positive developments, Bonk Inu has caught the attention of large investors, commonly referred to as whales. A report from smart money tracker FishTheWhales reveals that there have been five alerts of whale accumulation and buyouts in the past week alone, with a 24-hour trading volume reaching $150 million. Furthermore, crypto analyst Crypto Bull has identified an inverse head and shoulders pattern in Bonk Inu’s daily chart, indicating a potential continuation of the current price recovery. The analyst suggests that BONK is the most “obvious” coin to experience a pump from its current position, with expectations for other meme coins to follow suit. Related Reading: Bitcoin Trending Below Crucial Support: Do BTC Bulls Have What It Takes?
Related Reading: Bitcoin Crash: Here’s What The Data Says About Buying The Dip However, in the top 100, Bonk Inu still lags behind larger meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepecoin (PEPE), which have market caps of $15 billion, $9 billion, and $3 billion, respectively. Despite this, Bonk Inu has outperformed these tokens in price action, as the trio recorded significant losses of 13%, 5%, and 20%, respectively, over the past week, while BONK has surged by 3% during the same time frame.
Token Burn Proposal The recent surge in Bonk Inu’s price comes after an announcement from the coin’s decentralized autonomous organization (DAO). The BONK DAO revealed on Monday that it had received a proposal to burn approximately 84 billion BONK tokens from its Treasury, representing the Q2 amount of BONK sent to the DAO from BONKBot, which is currently being voted on by the community.
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