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Memecoins have been leading the charge over the past few days, with Dogecoin, Shiba Inu, and Floki all recording decent gains. Pudgy Penguin (PENGU) is heading to a new all-time high while BONK is up 15% in the last seven days.

They have outperformed the broader market, with Bitcoin trading around $118k while Ether struggles to overcome the $4k barrier. Memecoins have also outperformed other narratives in the market, including DeFi, RWAs, payment tokens, and exchange tokens.

BONK has been one of the best performers in the market this week thanks to the growing adoption of LetsBonk, Bonk’s Solana-based memecoin launchpad. A recent report by The Block reveals that LetsBonk now accounts for 64% of Solana meme token launchpad.

Per the report, there were a total of roughly 150,000 tokens launched on LetsBonk last week, representing a 14% increase compared to the 132,000 tokens launched throughout the prior week. 

LetsBonk’s growth has been at the expense of Pump.fun, which has seen its share in the market drop from 90% to 24% over the past four weeks. LetsBonk’s market share, on the other hand, grew from 5% to 64% during the same period.

The Block added that LetsBonk is also leading the metric in terms of token graduation on its memecoin launchpad. The report pointed out that LetsBonk has a 79% market share in terms of token graduation, superior to Pump.fun’s 18%.

Finally, trading volume on LetsBonk has also surpassed Pump.fun. LetsBonk recorded a $179 million trading volume on Friday, higher than Pump.fun’s $52 million. This is an interesting turnaround as LetsBonk was averaging $10 million daily in trading volume a month ago, while Pump.fun was recording around $150 million.

The BONK/USD pair is currently bullish as the memecoin has outperformed the broader market over the last few days. The RSI of 57 shows that BONK is still underperforming and could face a significant buying pressure in the near to medium term. The MACD lines are also within the positive region, suggesting a bullish bias.

The pair is also efficient after BONK grabbed liquidity to the downside earlier this week. At press time, BONK is trading at $0.00003582.

If the bullish trend continues, BONK could rally towards the next major resistance level at $0.00004918. Overcoming this resistance level would allow BONK to aim towards its all-time high price of $0.00005916.

However, with the broader market currently consolidating, BONK and other memecoins could face a correction. If that happens, BONK could retest the first major support level and the TLQ at $0.000003209.

The bulls would likely defend this support level as any downward break could see BONK spiral below the $0.0000020 psychological mark.

The post BONK surges 8%, eyes December high: check forecast appeared first on Invezz

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