BONK's Fantastic 30% Increase, Token Burning Is the Key?

Bittime – BONK price (BONKUSD) experienced a significant spike of 30% in the last 24 hours, attracting the attention of investors and cryptocurrency market players. This price increase was triggered by token burning proposal proposed by the BONK team, signals a strategic move to increase the value and scarcity of the token.

BONK Token Burn: Driving Scarcity and Value

Token burning is a commonly used strategy in the cryptocurrency world for reducing the number of tokens in circulation. As supply decreases, it is expected that the token's intrinsic value will increase over time.

In the case of BONK, the proposal to burn 84 billion tokens sparked optimism among investors. This can be seen from the jump in BONK prices to level $0.000027, an increase of 10% from yesterday's low. BONK's market capitalization also experienced a significant increase to reach $1.64 billion.

Check Today's Crypto Market:

This step shows the BONK team's commitment to maintain the stability and health of the ecosystem. The BONK community, which is known to be active and supportive, also welcomed this proposal, reflected in the increase in trading volume of 169% become $483 million.

History of BONK Token Burning and Its Positive Impact

In April 2024, the Decentralized Autonomous Organization (DAO) BONK has carried out a token burn of 278.39 trillion BONK with support by 99.9% of the community. This action represents the BONK community's strong commitment to building a healthy and sustainable ecosystem.

The positive trend that occurred after the previous token burn is a signal of hope for BONK's future. If the current burn proposal is approved, BONK has the potential to challenge the all-time high in numbers again $0.00004704 which was achieved last March. Currently, the BONK price is still 49% below that level.

Also Read How To Buy Crypto:

BONK Price Technical Analysis: Looking for Bullish Signals

BONK's daily chart analysis shows several indicators that support a potential price increase.

• Relative Strength Index (RSI): The RSI indicator touched the oversold level of 32% on June 23. Along with the increase in prices, the RSI indicator also increased, indicating that bullish momentum was starting to build.

• Moving Average Convergence Divergence (MACD): The MACD indicator showed a positive signal (positive cross) on June 27, which can be interpreted as the potential start of an uptrend.

• Fibonacci Retracement: If BONK price manages to break through level $0.000033 (Fibonacci level 0.382), then this could signal the completion of the first sub-wave of the larger five-wave impulse pattern.

With a higher low forming on the next downturn, BONK has a chance to surpass its record high and potentially level out $0.000060 at the end of a new bullish phase.

BONK Future Predictions: Optimism with a Note of Caution

The token burn proposal and current BONK price movement provide optimism for the future of this project. An active community, targeted strategy, and supportive technical analysis demonstrate promising growth potential.

However, it is important to remember that the cryptocurrency market always carries high risk and volatility. Investors need to conduct in-depth research, understand the fundamentals of the project, and implement an investment strategy that suits their risk profile.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.