Bonk (Bonk) crypto prices fall as profits take the momentum of dent bulls

Bonk experienced price declines in early Tuesday as profits slumped the bull market.

Bonk experienced price declines in early Tuesday as profits slumped the bull market.

As Bitcoin (BTC) fell below $105,000 after the announcement of the U.S.-China trade deal, the price of Bonk (Bonk) cryptocurrency surged to $0.0000256. However, there has been some revenue rebate in flagship digital assets as well as major altcoins.

Bonk's price fell to $0.0000209, while Solana Memecoin fell more than 12%. This trend reflects other popular Solana Meme coins and the broader crypto market dynamics. It is worth noting that Bitcoin hovers around $103,400, falling from above $105,000.

Bitcoin and Ethereum also fell slightly as the market digested new inflation data. The CPI report triggered a moderate pullback in the stock market, the Dow Jones index fell, and BTC stabilized at a price close to $103,000. ETH fell to the $2,400 area. Solana and XRP have also given up some recent gains.

Analysts at QCP Capital pointed out that signs of capital rotation show that BTC's market dominance has dropped below 63%, indicating a possible turn to AltCoins or other risky assets.

The broader market trend has led to the increase in Memecoin transaction volume to $1.1 billion. However, as traders try to lock in profits, Bonk prices drop, and its technical charts show a possible reversal of wedge patterns.

Despite being bearish in the near term, Bonk seems to be looking for a rebound opportunity. Memecoin has hit a high of $0.0000228 over the past 24 hours, although it has since fallen from the resistance zone at key levels.

Overall market conditions and the activity of the Solana ecosystem remain key support factors for Bonk. The latter is worth noting, as Bonk is Solana’s first dog-themed coins and has seen growth along with top Memecoins Dogecoin and Shiba Inu.

According to Solscan data, Bonk's user base is close to 1 million holders. Meanwhile, Bonk's price reached an all-time high of $0.000059 in November 2024.

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