- Binance listed USDC pairs for BONK and FLOKI.
- Despite the development, price of both the tokens moved in negative direction.
After having a look at the general trajectory of the crypto market since the beginning of the year, it is safe to say that the memecoin sector has gained the most in this period. For coins such as BONK [BONK] and Floki [FLOKI], the rally could continue.
The reason would be Binance’s recent listing of BONK and FLOKI’s USDC pairs on its platform. As Binance is one of the largest Centralized Exchanges (CEX) in the crypto space, the development could benefit these memecoins to a large extent.
Binance’s vast user base exposes the tokens to a much wider audience, increasing their visibility and potentially attracting new investors. This can lead to a rise in demand for BONK and FLOKI, which could drive their prices up. It could also increase the market cap of these tokens and help them flip WIF and PEPE to enter the top 3 memecoins club.
BONK continues to bleed
Despite this update, the price of both of these tokens suffered over the last 24 hours. BONK witnessed a drop of 2.16% and was trading at $0.00002582 at the time of writing.
The correction was part of a larger trend that started on the 4th of March. After testing the $0.00004820 levels, the price of BONK fell materially while exhibiting multiple lower lows and lower highs, indicating a bearish trend.
The price fell till the $0.00001934 level before witnessing an upward momentum, which could have been driven by the recent Binance update.
However, the uptick wasn’t significant enough to reverse the ongoing trend. Bonk’s CMF (Chaikin Money Flow) also declined during this period, implying that the overall money flow for the memecoin has fallen.
Source: Trading View
FLOKI holders could still stay hopeful
FLOKI, on the other hand, witnessed a significant correction of 7.72% in the last 24 hours. At press time, FLOKI was trading at $0.0002332.
While a 7% decline in price may appear significant at first glance, when considering the broader price chart of SHIB, it doesn’t appear to be particularly substantial.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
The price was still observed to be moving particularly close to the $0.0002558 level which had been tested multiple times. If momentum around the token is picked back up, the price of FLOKI may test the $0.0003092 level that has already been tested in the past.
However, the RSI was at 48.31 at the time of writing, indicating that the price may move sideways for some time before making a large move in either direction.
Source: Trading View
