Bonk Price Prediction as $240 Million Trading Volume Floods In – Are Whales Buying?
The Bonk price has dipped by 2.5% in the past 24 hours, slipping to $0.00002603 on a day when the crypto market as a whole has lost 1.5%.
BONK is actually up in the past hour, however, while the popular meme coin has gained by 17% in the past week and by 118% in the last 30 days.
It’s also significant that BONK sits on an impressive 4,800% increase in the past year, with the meme token retaining much of this momentum in the past couple of months.
And with its 24-hour trading volume rising to $250 million in the past few hours, it seems that its short-term momentum could possibly cause a new rebound.
Bonk Price Prediction as $240 Million Trading Volume Floods In – Are Whales Buying?
After dipping in the early hours of this morning, it seems that BONK is ready to rebound again.
In particular, its relative strength index (purple) has bounced from nearly 40 to 50 in the past hour, signaling a potential move upwards.
At the same time, its current price has once again jumped above its 30-day average (yellow), a sign that it could be on the brink of breaking out.
Supporting this view is the coin’s trading volume, which, at $250 million, has gained by 200% in only the past couple of days.
Having said that, this actually represents an 86% decline in relation to where it was at the start of the month.
As such, it’s entirely arguable that most whales are still ignoring the token, although a small minority are still sitting on fairly large BONK holdings.
Today the price of $BONK has increased by more than 50%!
A SmartMoney accumulated 98B $BONK($1.54M) from #Binance again before the price increased.
He currently holds 319.44B $BONK($7M), with a profit of $2.9M.https://t.co/1oXGa1QlKp pic.twitter.com/TXYw2H07yz
— Lookonchain (@lookonchain) February 29, 2024
In fact, the whale above – who we have mentioned previously – is now sitting on a trove of BONK worth around $15 million, which is double the amount it was worth at the end of last month.
As such, some traders continue to expect BONK to do good things in the coming months, in parallel with a market that may become increasingly bullish as it approaches the next Bitcoin halving.
There’s also the possibility of Ethereum ETFs to look forward, and while BONK is a meme token with no real fundamentals of its own, it often rides market-wide waves.
The Bonk price could therefore reach $0.000030 in the next few weeks, before hitting $0.000040 in the summer.
Alternative Meme Coins for Big Rallies
Given that BONK may not see the rallies this year it enjoyed last year, many traders may prefer to turn to newer meme tokens already.
There’s currently no shortage of such coins, with some new tokens currently holding presales that enable them to generate momentum before they list.
One exciting coin doing just this is Dogecoin20 (DOGE20), an ERC-20 token that has raised over $10 million in its sale.
What a way to start the day! 🌟🐶#DOGE20 raises over $10 Million! 💰
Now that is a spectacular milestone! 🎉
Last chance to get it! 🚀 pic.twitter.com/pgPhpSWq14
— Dogecoin20 (@DOGE_COIN20) March 26, 2024
Having opened its sale only a couple of weeks ago, DOGE20 is already in the final phase of its offering, giving new investors only a small window of opportunity in which to act.
It has proven popular because it offers an improvement on the meme coin template of tokens such as Dogecoin.
For one, its use of Ethereum’s staking mechanism makes it less energy-intensive and more environmentally friendly than DOGE, which is still a proof-of-work coin.
It also boasts more bullish tokenomics than Dogecoin, in that it comes with a hard cap of 140 billion tokens.
This makes the token deflationary, a quality that will be strengthened by the fact that staking will take DOGE20 tokens out of circulation.
What’s also bullish is that taking its cue from Dogecoin, it has promised to ‘Do Only Good Everyday’.
What this means is that it will provide regular transfers to charitable projects and community causes, helping it to grow its fan base.
Investors can join the presale at the official Dogecoin20 website, with the coin setting April 20th as the date for claiming purchased tokens.
From there, it’s likely to rally strongly, with the coin listing on Uniswap and then other exchanges in the following weeks.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
