Last updated: March 4, 2024 at 09:07 EST | 3 min read

The Bonk price has reached a new all-time high of $0.00003563 today, with a 32% increase in the past 24 hours as the market continues to rally. This puts the meme token up by an impressive 177% in a week and 209% in the past month. With a 5,000% increase in the past year, it is clear that there is strong short- and long-term momentum for Bonk.

Despite a slight dip from its ATH a few hours ago, the current price of $0.00003229 is still significantly higher than its 30-day average (yellow) and its 200-day average (blue). These indicators suggest that the token is in overbought territory and may experience a correction in the near future.

However, the trading volume for BONK has spiked to $1 billion today, indicating a high level of interest and activity in the token. Recent transfer data also reveals that various whales have been buying up the token, likely contributing to its recent rally.

While some traders may anticipate a correction in the coming days as buyers take profits, the overall cryptocurrency market is expanding rapidly, driven by Bitcoin and its increasingly popular ETFs. This upward trend is expected to continue at least until the next Bitcoin halving, which is scheduled to take place next month. As a result, we may see BONK surpass its new record high in the coming weeks and possibly even reach $0.000040 or potentially remove a decimal place by the summer.

Given the potential for a correction, traders may want to consider newer meme tokens, particularly those that are set to list on new trading platforms in the near future. One such token is Scotty the AI (SCOT