The newly emerged third-largest meme token, BONK, has garnered significant attention in the cryptocurrency landscape. Even Arthur Hayes, the co-founder of BitMEX, expressed interest in BONK in his recent post on X (formerly Twitter).
Arthur Hayes’s comparative analysis
In a recent X post, Arthur Hayes compared BONK with the second-largest meme token, Shiba INU (SHIB). Arthur emphasized that BONK surpasses SHIB, illustrating it as (BONK > SHIB) and sharing a BONK token chart. BONK’s recent performance and the anticipation of an upcoming airdrop have contributed to its widespread attention.
Arthur’s tweet likely aims to highlight the price difference between the two tokens, with BONK currently priced higher than SHIB. The current price of BONK is $0.000020, while SHIB stands at $0.0000099.
Analyzing BONK’s performance, it has experienced a significant upside momentum of over 650%, driving the increased interest. The upcoming BONK airdrop is also gaining traction, as the BONK community plans to distribute 30% of its total token supply through the airdrop.
Examining the allocation of the BONK airdrop, the community is utilizing the Famous Fox Federation Tools, involving almost 40 active Solana NFT projects with a total of 296,000 individual NFTs. These projects will receive 21% of the total BONK tokens in the airdrop. Despite having high, middle, and low-value collections based on NFT rarity, the BONK airdrop will be distributed to every holder of an active Solana NFT project.
Also Read: Solana Saga and Its Impact on BONK
BONK’s chart and market sentiment
Arthur’s shared chart on X indicates that after its breakout, BONK retested its previous resistance level as support. The crypto community is now focused on BONK and its airdrop.
However, a 1-hour timeframe chart suggests a bearish signal. Currently trading at $0.000020, BONK has a strong support zone, and a close below the $0.0000196 level may lead to downside momentum until $0.0000155. It’s worth noting that the current trading level also intersects with the 200 Exponential Moving Average (EMA).
