Bonk Price dropped nearly 19% in the last two sessions and trimmed off most of the weekly gains. The 1st half of this week went well for Bonk investors. The price recorded an impressive 24% growth in that period.
However, the bears dominated in the second half of this week and trimmed off most of the gains. At the time of writing, Bonk Price exchanged hands close to $0.000022 and is now left with mere 6% weekly gains.
When writing, BONK meme coin’s market cap was $1.54 Billion and ranked 52nd in the cryptocurrency market.
BONK Supply Reduction: 84 Billion Tokens to Be Eliminated
With the sellers enjoying the party, Bonk Price experienced a fall of nearly 5.79% at press time. While the bulls may look to defend the price near $0.000019 to $0.000021 in the short run, the overprinted BONK supply is expected to significantly influence the coin’s long-term trajectory.
By now, BONK has seen several substantial token burns, with a maximum supply of 93,526,183,276,778. Consequently, the remaining supply of BONK was now capped at 69,323,849,993,769 at the time of writing.
Furthermore, the latest BONK burning proposal on BONK DAO successfully passed the quorum with 954 billion vote points in favor.
With 99.5% of all BONK holders with DAO voting rights approving this 84 billion burn proposal, its execution would remove around $2 Million worth of BONK from circulation.
When writing, the daily transaction volume remained close to $259.18 Million after an intraday decline of 15.30%. The volume-to-market cap ratio of 16.85% suggested high volatility in the cryptocurrency.
Can Bonk Price Overcome Challenges?
The recent sessions have become challenging for Bonk as the Bulls could not capitalize after gaining 25% in the 1st half of the week. After that, the bears trimmed off most of the gains in the last couple of sessions, leaving a mere 6% weekly gain.
However, the bulls might register their presence near the $0.000020, and the price may improve afterward. The daily chart illustrates the formation of a consolidation range.
On the higher side, the $0.000026 level has acted as a resistance, whereas $0.0000193 has acted as a support for the price. A breakout or breakdown may indicate a clear trend in the near future.
What’s Next for Bonk?
Bonk Price has dropped nearly 19% in the last couple of sessions, trimming off most weekly gains. Despite a successful BONK burning proposal passing with 954 billion votes, bears dominated the latter half of the week.
When writing, BONK was exchanging hands close to $0.000022, with bulls likely defending the $0.000019 to $0.000021 range. The recent burn proposal will remove $2 million worth of BONK.
The daily chart highlighted a consolidation phase near the demand zone. The Bonk price may show directional movements if it breaks out on either side of consolidation.
