The first Solana (SOL) ecosystem-based meme coin Bonk (BONK) has seen a decline in its price recently. The meme coin has been following a retreating trend for 3 consecutive days this week to reach $0.000022 level on October 23.
On Wednesday, Bonk was trading 53% below its high point of this year. Meanwhile, another surging meme coin Popcat (POPCAT) traded a few points below its year-to-date high of $1.5600 as its price remained steady at $1.40. POPCAT was part of the best-performing cryptocurrency list of 2024 following its 32,200% surge from its lowest point in the year.
As these two meme coins diverged, data showed that they have witnessed an enhancement in centralized exchange outflows. While Popcat’s outflow in the last 24 hours of October 23 was $3.4 million, 2.15 times more than its recent average, Bonk’s CEX outflows went 7.25 times higher than its recent average to reach $5.65 million. This possibly indicates that crypto investors are interested in holding BONK and POPCAT tokens at present, as CEX outflows often mean that. In contrast, inflows mean that crypto holders are planning to sell tokens.
POPCAT has performed considerably well in recent months as it reached a record high of $1.5535 in October, maintaining its lead above 50 and 100-day moving averages which is a good sign. The digital asset has formed a bullish pattern involving a symmetrical triangle and a long vertical line which suggests that POPCAT is up for a breakout to its all-time high of $1.5535. This means that the meme coins will go 10% above its current level.
Whether Popcat gains more can be confirmed when the token goes above the resistance point, which indicates it will rise to the $2 level.
In comparison, Bonk has been facing a tight range for the last couple of days ever since it formed the double top pattern at $0.000025. Such patterns are considered the most bearish signals in the crypto market. In this pattern, the upper side coincides with the symmetrical triangle upper side which BONK has formed in the last few months. There could be significant price movement in the upcoming days as the pattern edges close to its confluence level.
Bonk is likely to experience more gains if it breaks above the double top at $0.000025. However, if it goes below the 50-day moving average to reach the $0.00002117 level it could lead to more losses.
As of October 24 morning, Bonk is trading at $0.00002248 up by 1.30% in the last 24 hours while Popcat is at $1.59, up by 15.15%. Both the meme coins market capitalization has surged in the past 24 hours to reach $1.67 billion and $1.55 billion respectively.