Memecoin launchpad LetsBONK surpassed Pump.fun, its competitor, and became the number one launchpad on the Solana blockchain network. Since January 2024, Pump.fun has held first place before; the BONK-powered launchpad flipped Pump.fun in 24-hour token launches.
A crypto netizen by the pseudonym Adam spotted this and reported on X.
Once LetsBONK overtook its rival, the gap between the two kept on increasing. It is reported that by Sunday afternoon Eastern time, LetsBONK had made roughly 15,600 token deployments in 24 hours, while its competitor Pump.fun had launched only 11,500. Despite the gap widening, another crypto netizen by the pseudonym Tom tweeted that it is too early to dictate whether it will become a daily occurrence; however, he acknowledged that the battle between the two was on.
Meanwhile, the price of BONK has increased exponentially during the past week. The token climbed to 0.0000288 after gaining almost 60% in the past seven days. Currently, BONK has crossed into the overbought zone according to the RSI indicator, which signals 81. Once the RSI crosses the 70 zone, it suggests that more buyers are active in the market, and with the increasing demand, the price is extremely high.
When the market is overbought and the price is high, usually, there will be a retracement and the BONK might fall back a little. BONK may test the support level at $0.00002175 before the next leg up.
After retracing, there is a high chance that the price of BONK could keep on increasing, as many indicators give a bullish signal. The 50-day EMA has crossed the 200-day EMA from below and a Golden Cross has happened. When a Golden Cross happens, it is a bullish sign. In addition, the Bull Bear Power indicator gives a positive reading of 0.00000396, which confirms the presence of the bulls. With the support of the bulls, the BONK price could reach as high as $0.000029, although it may find resistance at $0.000026.
