{"id":1474,"date":"2023-01-13T22:58:21","date_gmt":"2023-01-13T22:58:21","guid":{"rendered":"https:\/\/solanacrypto.news\/2023\/01\/13\/bitcoin-finishes-best-week-since-march-solanas-bonk-barks\/"},"modified":"2023-01-13T22:58:21","modified_gmt":"2023-01-13T22:58:21","slug":"bitcoin-finishes-best-week-since-march-solanas-bonk-barks","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2023\/01\/13\/bitcoin-finishes-best-week-since-march-solanas-bonk-barks\/","title":{"rendered":"Bitcoin Finishes Best Week Since March; Solana\u2019s Bonk Barks"},"content":{"rendered":"<div>\n<p>In the past few weeks, a Shiba inu-themed token took center stage in the Solana ecosystem as sentiment around the blockchain network took a hit in the aftermath of the Sam Bankman-Fried and FTX debacle. CoinDesk&#8217;s Shaurya Malwa <a target=\"_blank\" href=\"https:\/\/www.coindesk.com\/tech\/2023\/01\/13\/inside-bonk-inu-how-22-developers-put-the-shiba-inu-fun-into-solana-and-away-from-ftx\/\" rel=\"nofollow noopener\" data-ylk=\"slk:took a closer look at Bonk Inu\" class=\"link \">took a closer look at Bonk Inu<\/a>:<\/p>\n<p><i>This article originally appeared in <\/i><a target=\"_blank\" href=\"https:\/\/www.coindesk.com\/newsletters\/market-wrap\/\" rel=\"nofollow noopener\" data-ylk=\"slk:Crypto Markets Today\" class=\"link \"><i>Crypto Markets Today<\/i><\/a><i>, CoinDesk\u2019s daily newsletter diving into what happened in today&#8217;s crypto markets. <\/i><a target=\"_blank\" href=\"https:\/\/www.coindesk.com\/newsletters\/market-wrap\/\" rel=\"nofollow noopener\" data-ylk=\"slk:Subscribe to get it in your inbox every day\" class=\"link \"><i>Subscribe to get it in your inbox every day<\/i><\/a><i>.<\/i><\/p>\n<ul class=\"caas-list caas-list-bullet\">\n<li>\n<p><b>Called Bonk Inu,<\/b> the project with a cute dog holding a bat as a mascot, launched with just a homepage and a \u201cbonk paper\u201d in the final weeks of 2022.<\/p>\n<\/li>\n<li>\n<p><b>But the lack of clear team information or even a dedicated community channel didn\u2019t deter entrants from punting their hopes:<\/b> The project\u2019s token, BONK, ran up as much as 3,200% in just three weeks, almost single-handedly inciting activity in the Solana ecosystem, as <a target=\"_blank\" href=\"https:\/\/www.coindesk.com\/markets\/2023\/01\/04\/shiba-inu-themed-bonk-tokens-are-yielding-nearly-1000-for-solana-liquidity-providers\/\" rel=\"nofollow noopener\" data-ylk=\"slk:previously reported\" class=\"link \">previously reported<\/a>.<\/p>\n<\/li>\n<li>\n<p><b>Bonk Inu is a team of 22 individuals with no singular leader, all of whom were involved in the inception of the project<\/b>, CoinDesk learned from one of the several developers. All of them have previously built decentralized applications (DeFi), non-fungible tokens (NFT) and other related products on Solana.<\/p>\n<\/li>\n<li>\n<p><b>The bonk airdrop \u2013 amounting to 50% of its token supply \u2013 likely drove massive community interest and instant hype.<\/b> Some 20% of the total airdrop supply is going to Solana non-fungible token collections \u2013 comprising 297,000 individual NFTs \u2013 and 10% to Solana-focused artists and collectors. Airdrops refer to an unsolicited distribution of a cryptocurrency token or coin, usually for free, to numerous wallet addresses and are generally used as a tactic to gain users.<\/p>\n<\/li>\n<li>\n<p>Following Solana taking a hit after the FTX\u2019s collapse, the 22 Solana developers wasted no time in distancing themselves from Sam Bankman-Fried\u2019s dirt. <b>They banded together to build a \u201ccommunity coin\u201d<\/b> \u2013 and decided that a dog-themed protocol was the way to go.<\/p>\n<\/li>\n<li>\n<p><b>The team does not see itself as a dogecoin or shiba inu rival <\/b>and points out BONK is already different from the gazillions of dog-themed meme coins already on the market.<\/p>\n<\/li>\n<\/ul>\n<p><button class=\"link caas-button collapse-button\" aria-label=\"\" title=\"\" data-ylk=\"elm:readmore;slk:Story continues\">Story continues<\/button><\/p>\n<figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\" style=\"max-height: 600px\">\n<div>\n<div class=\"caas-img-container caas-img-loader\" style=\"padding-bottom:75%;\"><img decoding=\"async\" class=\"caas-img caas-lazy has-preview\" alt=\"\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/RSWEglVX0_Xpd7p8cQ9eQA--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTcyMA--\/https:\/\/media.zenfs.com\/en\/coindesk_75\/1cb5957becc68dce1f6a23f45bf3e304\"\/><noscript><img decoding=\"async\" alt=\"\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/RSWEglVX0_Xpd7p8cQ9eQA--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTcyMA--\/https:\/\/media.zenfs.com\/en\/coindesk_75\/1cb5957becc68dce1f6a23f45bf3e304\" class=\"caas-img\"\/><\/noscript><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<p><b>Bitcoin (<\/b><a target=\"_blank\" href=\"https:\/\/www.coindesk.com\/price\/bitcoin\/\" rel=\"nofollow noopener\" data-ylk=\"slk:BTC\" class=\"link \"><b>BTC<\/b><\/a><b>): <\/b>The largest cryptocurrency by market value held strong at $19,800 Friday, rising 5% for the day and <a target=\"_blank\" href=\"https:\/\/www.coindesk.com\/markets\/2023\/01\/13\/left-for-dead-crypto-names-roar-higher-as-bitcoin-bounces\/\" rel=\"nofollow noopener\" data-ylk=\"slk:15.7% for the week\" class=\"link \">15.7% for the week<\/a> \u2013 the best weekly performance since March. Consistent with the rally, <a target=\"_blank\" href=\"https:\/\/www.coindesk.com\/markets\/2023\/01\/13\/bitcoins-volatility-smile-shows-increased-demand-for-bullish-exposure\/\" rel=\"nofollow noopener\" data-ylk=\"slk:bitcoin options&#039; &quot;volatility smile&quot; shows the demand for out-of-the-money call options\" class=\"link \">bitcoin options&#8217; &#8220;volatility smile&#8221; shows the demand for out-of-the-money call options<\/a> \u2013 bullish bets at strikes higher than the cryptocurrency&#8217;s going market price \u2013 has increased relative to puts or bearish bets.<\/p>\n<p><b>Equities<\/b> closed higher Friday as traders processed big banks\u2019 fourth-quarter earnings reports including from <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-13\/jpmorgan-bofa-citi-wells-slip-with-wobbly-economic-outlook\" rel=\"nofollow noopener\" data-ylk=\"slk:JPMorgan\" class=\"link \">JPMorgan<\/a>. The tech-heavy Nasdaq Composite was up 0.7%, while the S&amp;P 500 and Dow Jones Industrial Average (DJIA) were up 0.4% and 0.3%, respectively.<\/p>\n<p><b>Bitcoin cash (<\/b><a target=\"_blank\" href=\"https:\/\/www.coindesk.com\/price\/bitcoin-cash\/\" rel=\"nofollow noopener\" data-ylk=\"slk:BCH\" class=\"link \"><b>BCH<\/b><\/a><b>):<\/b> The BCH price surged nearly 10% at one point Friday as traders assessed the market impact of <a target=\"_blank\" href=\"https:\/\/www.coindesk.com\/markets\/2023\/01\/13\/bitcoin-cash-jumps-10-ahead-of-optimistic-may-hard-fork\/\" rel=\"nofollow noopener\" data-ylk=\"slk:potential network changes ahead of the Bitcoin Cash protocol\u2019s May hard fork\" class=\"link \">potential network changes ahead of the Bitcoin Cash protocol\u2019s May hard fork<\/a>. BCH broke above resistance levels of $108 to as much as $125 in the past 24 hours. It had settled back to $122 as of publication time.<\/p>\n<p><b>Ether (<\/b><a target=\"_blank\" href=\"https:\/\/www.coindesk.com\/price\/ethereum\/\" rel=\"nofollow noopener\" data-ylk=\"slk:ETH\" class=\"link \"><b>ETH<\/b><\/a><b>):<\/b> The second-largest cryptocurrency was recently trading flat at $1,427. The ether price rose 12.9% over the past week. The Ethereum blockchain&#8217;s Merge last year turned into a focus of frenzied speculation in crypto markets. Now, digital-asset traders are <a target=\"_blank\" href=\"https:\/\/www.coindesk.com\/markets\/2023\/01\/13\/crypto-traders-are-already-placing-bets-on-ethereums-shanghai-hard-fork\/\" rel=\"nofollow noopener\" data-ylk=\"slk:starting to handicap various market scenarios\" class=\"link \">starting to handicap various market scenarios<\/a> ahead of Ethereum&#8217;s next big milestone, known as the \u201cShanghai hard fork.\u201d<\/p>\n<p><b>Decentraland (<\/b><a target=\"_blank\" href=\"https:\/\/www.coindesk.com\/price\/decentraland\/\" rel=\"nofollow noopener\" data-ylk=\"slk:MANA\" class=\"link \"><b>MANA<\/b><\/a><b>): <\/b>The native token of metaverse project Decentraland surged Friday as <a target=\"_blank\" href=\"https:\/\/www.coindesk.com\/markets\/2023\/01\/13\/decentralands-mana-token-jumps-as-metaverse-tokens-outperform-crypto-markets\/\" rel=\"nofollow noopener\" data-ylk=\"slk:metaverse tokens became the best-performing digital assets since the start of this year\" class=\"link \">metaverse tokens became the best-performing digital assets since the start of this year<\/a>. MANA\u2019s price rose 23% to 50 cents at the time of publication. The recent price jump came as Decentraland introduced new features for users.<\/p>\n<p><a target=\"_blank\" href=\"https:\/\/www.coindesk.com\/indices\/cmi\/\" rel=\"nofollow noopener\" data-ylk=\"slk:CoinDesk Market Index (CMI)\" class=\"link \">CoinDesk Market Index (CMI)<\/a><\/p>\n<p>939.55<\/p>\n<p><span><span> <span>+26.5<\/span> <span>\u25b2<\/span> 2.9% <\/span> <\/span><\/p>\n<p><a target=\"_blank\" href=\"https:\/\/www.coindesk.com\/price\/bitcoin\/\" rel=\"nofollow noopener\" data-ylk=\"slk:Bitcoin (BTC)\" class=\"link \">Bitcoin (BTC)<\/a><\/p>\n<p>$19,808<\/p>\n<p><span><span> <span>+945.4<\/span> <span>\u25b2<\/span> 5.0% <\/span> <\/span><\/p>\n<p><a target=\"_blank\" href=\"https:\/\/www.coindesk.com\/price\/ethereum\/\" rel=\"nofollow noopener\" data-ylk=\"slk:Ethereum (ETH)\" class=\"link \">Ethereum (ETH)<\/a><\/p>\n<p>$1,454<\/p>\n<p><span><span> <span>+26.2<\/span> <span>\u25b2<\/span> 1.8% <\/span> <\/span><\/p>\n<p>S&amp;P 500 daily close<\/p>\n<p>3,999.09<\/p>\n<p><span><span> <span>+15.9<\/span> <span>\u25b2<\/span> 0.4% <\/span> <\/span><\/p>\n<p>Gold<\/p>\n<p>$1,923<\/p>\n<p><span><span> <span>+27.8<\/span> <span>\u25b2<\/span> 1.5% <\/span> <\/span><\/p>\n<p>Treasury Yield 10 Years<\/p>\n<p>3.51%<\/p>\n<p><span><span> <span>\u25b2<\/span> 0.1 <\/span> <\/span><\/p>\n<p><span><i>BTC\/ETH prices per <a target=\"_blank\" href=\"http:\/\/coindesk.com\/indices\" rel=\"nofollow noopener\" data-ylk=\"slk:CoinDesk Indices\" class=\"link \">CoinDesk Indices<\/a><\/i>; gold is COMEX spot price. Prices as of about 4 p.m. ET<\/span><\/p>\n<h2><b>Crypto Market Analysis: <\/b>A Fresh Look at Bitcoin Price Charts After Biggest Rally in 9 Months<\/h2>\n<p><i><b>By Glenn Williams Jr.<\/b><\/i><\/p>\n<p>From a chart watchers\u2019 perspective, there are two opposing points:<\/p>\n<ol class=\"caas-list\">\n<li>\n<p>Bitcoin\u2019s rise to $19,000 moves it to a key area of potential new support.<\/p>\n<\/li>\n<li>\n<p>Bitcoin\u2019s rise to $19,000 also moves it to historically overbought levels.<\/p>\n<\/li>\n<\/ol>\n<p>Point one can be seen using the Visible Range Volume Profile tool, which shows BTC moving from one high-volume node area near $16,700 to another high-volume node area near $19,200.<\/p>\n<p>The significance is that areas of high volume imply areas of high price agreement. These areas often serve as levels of support and\/or resistance, and help explain why BTC prices were mired between $16,000 and $17,000 for so long.<\/p>\n<p>Point two is illustrated via the BTC\u2019s current Relative Strength Index (RSI) reading of 84. The RSI is a momentum indicator ranging from 0 to 100. Readings of 30 and below imply that an asset is overpriced. By contrast, readings of 70 and above imply that an asset may be overpriced.<\/p>\n<p>BTC\u2019s current reading is its highest reading since January 2021. Since 2018, BTC\u2019s RSI has been higher than 84 just 25 times. This isn\u2019t to say that an asset can\u2019t stay overbought for extended periods. The 91 RSI level reached on Jan 8, 2021, was followed by a 15% increase in price 30 days later. It should be monitored.<\/p>\n<figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\" style=\"max-height: 600px\">\n<div>\n<div class=\"caas-img-container caas-img-loader\" style=\"padding-bottom:75%;\"><img decoding=\"async\" class=\"caas-img caas-lazy has-preview\" alt=\"Bitcoin 1\/13\/23 (TradingView)\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/xBIcQZ8xx19ShCzMbKAibg--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTcyMA--\/https:\/\/media.zenfs.com\/en\/coindesk_75\/e60f8bdd500d073d0c8f0c982e8d4f3d\"\/><noscript><img decoding=\"async\" alt=\"Bitcoin 1\/13\/23 (TradingView)\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/xBIcQZ8xx19ShCzMbKAibg--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTcyMA--\/https:\/\/media.zenfs.com\/en\/coindesk_75\/e60f8bdd500d073d0c8f0c982e8d4f3d\" class=\"caas-img\"\/><\/noscript><\/div>\n<\/div>\n<\/div>\n<p><figcaption class=\"caption-collapse\">Bitcoin 1\/13\/23 (TradingView)<\/figcaption><\/p>\n<\/figure>\n<p><a target=\"_blank\" href=\"https:\/\/www.coindesk.com\/markets\/2023\/01\/13\/crypto-markets-analysis-fresh-look-at-bitcoin-price-charts-after-biggest-rally-in-9-months\/\" rel=\"nofollow noopener\" data-ylk=\"slk:Read the full technical take here.\" class=\"link \"><i><b>Read the full technical take here.<\/b><\/i><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In the past few weeks, a Shiba inu-themed token took center stage in the Solana ecosystem as sentiment around the blockchain network took a hit in the aftermath of the Sam Bankman-Fried and FTX debacle. CoinDesk&#8217;s Shaurya Malwa took a closer look at Bonk Inu: This article originally appeared in Crypto Markets Today, CoinDesk\u2019s daily [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1475,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/1474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/comments?post=1474"}],"version-history":[{"count":0,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/1474\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media\/1475"}],"wp:attachment":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media?parent=1474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/categories?post=1474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/tags?post=1474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}