- PONKE’s bulls on the market did very well in September, with the largest price recovery since July/August’s pullback.
- PONKE could be the next Solana based memecoin that hits a jackpot
Solana-based PONKEOne of the fastest-growing memecoins in 2024 has ended October with a whopping 80% gain. The impressive performance of the memecoin has renewed expectations that its marketcap will soon reach $1 billion.
PONKE, the monkey-themed memecoin has posted a strong performance so far in 2024. The monkey-themed coin has risen by over 8,500% since its low price.
PONKE In December 2023 it was as low as $0.009, but eventually it adopted a parabolic rate. It maintained its trajectory until the peak of $0.71 in June. This performance was a historic one, and it showed the PONKEs’ long-term optimism. This was something that arguably worked.
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In the time since, a large amount of liquidity has been withdrawn, resulting in a pullback by 70% from its ATH. This was expected, as the price had entered its initial parabolic movement. The bottom of this retracement was reached on the 6th September.
PONKE is now on the road to recovery, and October’s performance was a key factor in this. Memecoin had a value of $0.512 as of the date of this writing. This represents a 91% rise from its October low price.
Despite this performance, however, its RSI soared to 66.41 – A sign that it cannot be considered overbought yet. According to its chart, it appears that the next major level of resistance will be at around $0.66.
Is PONKE close to reaching a market capitalization of $1 billion?
Recently, the team behind popular memecoin launched PonkeSwap, a decentralized trading platform. Recent reports It was also reported that 16.04 millions tokens of PONKE were staked on DEX to ensure liquidity.
The amount bet was approximately 2.88 percent of the memecoin circulating supply. This may not have pushed the price ceiling up by much, but it did highlight the optimism behind PONKE’s recent price movement.
PONKE is currently on the rise thanks to its bullish attitude and long-term focus. PONKE’s quick recovery from its September lows confirms that this sentiment is still at play. The market cap of PONKE will therefore continue to rise.
PONKE had a $278 million marketcap at press time – More than double its marketcap at its lowest level in September. PONKE may be in a good position to benefit from the liquidity flowing back into market during the next few month.
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Source: ambcrypto.com
