PONKE, a memecoin running on Solana blockchain, has emerged as one of the swiftly growing digital assets in 2024, wrapping up October with an impressive 80% surge. This robust performance has reignited expectations for PONKE to hit a marketcap milestone of $1 billion in the near future.
In the realm of Solana memecoins, PONKE has carved out a significant presence as one of the top performers in 2024. With a monkey-themed concept, this memecoin skyrocketed by over 8,500% from its initial public trading price.
Starting off at a modest $0.0093 in December 2023, PONKE underwent a meteoric rise to touch a peak of $0.71 by June. This notable surge underscored a robust demand and enduring bullish sentiment within the PONKE community, which eventually paid off.
Following its initial peak, a significant correction ensued, leading to a 70% pullback from its all-time high. Nonetheless, this correction was anticipated as the price experienced its first parabolic movement, hitting a bottom on 6th September.
Subsequently, PONKE embarked on a recovery path, with its strong performance in October further solidifying this trend. Currently, the memecoin stands at $0.512, showcasing a remarkable 91% surge from its October low.
Despite these gains, the RSI indicator has climbed to 66.41, indicating that PONKE has not yet reached an overbought status. Looking ahead, the next substantial hurdle appears to be at approximately $0.66 based on its price chart.
Proximity of PONKE to a $1 Billion Marketcap
The development team behind PONKE recently introduced PonkeSwap, a decentralized exchange aimed at enhancing the memecoin’s ecosystem. Reports confirm a notable surge in the amount of PONKE tokens staked for liquidity provision on the DEX, reaching 16.04 million tokens.
While the stake amount represents around 2.88% of PONKE’s circulating supply, it signals a heightened confidence in the evolving PONKE landscape. This bullish sentiment, coupled with a sustained focus on long-term growth, has been pivotal in driving PONKE’s upward trajectory.
PONKE’s vigorous recovery from September lows underscores the prevailing positivity, suggesting a continuation of the memecoin’s upward momentum and a potential surge in market value.
Currently boasting a $278 million marketcap, PONKE has more than doubled its valuation from the September low point. This suggests that PONKE is strategically positioned to capitalize on the anticipated resurgence in market liquidity in the coming months.