- PONKE market bulls performed well in October, leading to the most significant price recovery since the July-August pullback.
- PONKE could be the next Solana-based memecoin to hit a jackpot
Solana-based PONKE, one of the fastest growing memecoins of 2024, concluded October with an 80% surge. As expected, the memecoin’s impressive performance has revived hopes that its market capitalization could soon reach $1 billion.
PONKE has so far secured a place among the best-performing Solana memecoins of 2024. This monkey-themed memecoin is up over 8,500% from its lowest price level since it was launched. began to be traded on the stock exchange.
PONKE was trading at $0.0093 in December 2023, but eventually managed to go parabolic in price. The memecoin maintained this trajectory until June, where it peaked at $0.71. This historic performance highlighted strong demand and long-term bullish optimism within the PONKE community. Something that undoubtedly paid off.
Source: TradingView
Since then, significant outflows have taken place, leading to a 70% decline in its ATH. However, this was a naturally expected result since the price entered its first parabolic move. This retracement reached its low point on September 6.
PONKE has since embarked on a recovery and its performance in October is part of this trajectory. At the time of writing, memecoin was valued at $0.512, thanks to a 91% rise from its lowest price level in October.
Despite this performance, its RSI soared to 66.41 – a sign that it cannot yet be considered overbought. According to its price chart, the next major resistance level is likely to be around $0.66.
How close is PONKE to a billion dollar market cap?
The team behind the popular memecoin recently launched a decentralized exchange called PonkeSwap. Recent reports also revealed that the amount of PONKE staked to provide liquidity in the DEX has soared to 16.04 million tokens.
Here, it is worth highlighting that the amount staked represented approximately 2.88% of the circulating supply of the memecoin. While this doesn’t necessarily push the price floor up significantly, it does highlight the optimism behind PONKE’s latest price action.
His bullish optimism and focus on long-term gains have contributed to PONKE’s rise thus far. Its rapid recovery from the September lows confirmed that these sentiments are still in play and therefore PONKE’s market capitalization will likely continue to soar.
PONKE had a market cap of $278 million at the time of publication – More than double its market cap at its lowest level in September. This could mean that PONKE is now well placed to take advantage of the return of liquidity to the market over the coming months.
