- BONK is up more than 50% in the past few days.
- SOL has also risen above $130 over the past few days.
Before the recent price surge, BONK was accumulating, putting the wallet in a profitable position. As the price of MEMCOIN rose, the tokens of its host network, Solana, also showed a continuous upward trend.
Interestingly, Bonk has a market capitalization of $1.3 billion at press time, making it the third-largest memecoin behind Dogecoin (DOGE) and Shiba Inu (SHIB).
Accumulated wallet over 300 billion BONK
Source of data Look on chain A single wallet was found to have accumulated a significant amount of Solana-based memecoins.
According to information, the wallet recently accumulated 98 billion Bonk tokens worth $1.54 million on the Binance exchange.
Further analysis of the wallet shows that it currently holds over 319 billion tokens, worth approximately $7 million. Given the significant upward trend in the token price observed recently, the wallet currently holds close to $3 million in profits.
BONK price rises by double digits
Looking at BONK on the daily timeframe chart, it shows a consistent upward trend over the past seven days. Notably, four of the past seven days have seen double-digit increases in a row.
On February 26th the increase was over 12.8%, on February 27th it was 10.6%, on February 28th it was 28% and on February 29th it was over 15%.
This trend marks the first of a long series of gains, and in particular, this is the first time BONK has recorded a daily gain of more than 28%.
Source: Trading View
In particular, this is significant in that it is the first time that Solana-based memecoin has entered overbought territory since its listing on Coinbase.
At the time of writing, the Relative Strength Index (RSI) is above 80, indicating a bullish trend and overbought conditions for the token.
Additionally, at the time of this writing, it is trading with an increase of less than 1%, continuing its upward trend.
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Solana shows a similar positive trend.
Like memecoins, Solana has also recently shown a positive pattern. The chart shows an increase of over 9% on February 27th, with a further increase of over 5% the following day.
At the time of writing, the price was trading up more than 7%, above $130. Like BONK, Solana is showing a strong bullish trend as evidenced by RSI, but is gradually entering overbought territory.
Source: Trading View