Benzinga – by Ivan Crnogatić, Benzinga Editor.
In a recent tweet, prominent crypto trader Cold Blooded Shiller highlighted the strong recent performance of Solana (CRYPTO: SOL) meme coin Bonk (CRYPTO: BONK).
What Happened: Cold Blooded Shiller pointed out BONK’s momentum, writing it is “still in ripper mode and compounding the argument of not getting frozen out.”
$BONK still in ripper mode and compounding the argument of not getting frozen out and making sure you’re realising HTF signals, even if the LTF has run up a lot on a day already. https://t.co/uNZ66xBSOw pic.twitter.com/MMzQZVpSQ9
— Cold Blooded Shiller (@ColdBloodShill) May 27, 2024
Cold Blooded Shiller stressed the importance of reacting to high-timeframe signals even when lower-timeframe prices have already surged in a day. Monday, according to him, “was the breakout of resistance, which is actually an independent signal to take position.”
Cold Blooded Shiller noted that ignoring opportunities such could lead to missed profits. Traders navigating such scenarios should look to not “get frozen out” but acknowledge the opportunity, even if it means entering with a reduced position size to ensure participation.
Read Also: Altcoins ‘Entering Textbook Markup’ As Crypto Analyst Predicts Major Rally
Why It Matters: Cold Blooded Shiller’s analysis highlighted the significance of observing high-timeframe signals, especially during substantial market moves. Traders might often hesitate to enter positions when they see rapid gains on an intraday level, fearing they might be late to the party.
BONK’s performance reinforces the concept, as the meme coin is up 10% on the day and 53% on the week. “BONK was always going to blow,” the trader wrote. At the time of writing, BONK is trading around $0.00003902.
In doing so, BONK has outperformed its canine rivals Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), which are up 13.3% and 7.4% on the week, respectively. Millionaire trader “Bonk guy” sees “strong all-time high vibes” for BONK.
What’s Next: The impact of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Ethereum ETF Approval To Spur ‘A Basket Of Crypto Tokens Within A Year,’ Says TD Cowen
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
