Bonk Price Prediction as $600 Million Trading Volume Floods In – Are Whales Buying?
Popular meme coin BONK is up 13.6% today as 24-hour trading volume hits over $646 million, according to data by CoinGecko.
BONK is the 60th biggest cryptocurrency with a market cap just north of $2.1 billion. This makes it the fifth biggest meme coin by market capitalization, followed closely by FLOKI with $1.9 billion.
Dogwifhat (WIF) flipped BONK yesterday and has held onto its lead today. WIF’s rally over the last seven days has been much stronger than BONK’s.
WIF rose 125% to $2.20 while BONK only rose 47% to change hands at $0.00003294 as of this writing.
Broadly speaking, cryptocurrencies are still rallying hard after posting a month of gains. Bitcoin rose 58% over the last 30 days to trade at $67,454, while Ethereum rose 68% to trade at $3,948.
Over on BONK’s one-month chart view we can see consistent prices until the final days of February, when a rally kicked off that peaked on March 4 at around $0.00004 before falling back.
BONK’s Relative Strength Index (RSI) is approaching 70, which is the threshold signaling when an asset is overbought.
As BONK Meme Slows, SPONGE Takes Off
BONK’s failure to keep up with Shiba Inu, Floki, Pepe and Dogwifhat this week only highlights the precarious nature of speculating on meme coins, a volatile and speculative sector in an already volatile and speculative industry.
Meme coins have to offer solid fundamentals if they want to survive to be more than just fads. Typically the strongest meme coins have the strongest projects behind them.
However, meme coins often offer little value outside their cultural capital. Dogecoin (DOGE) has a first-mover advantage and originality on its side. Shiba Inu is branching out as a network and offering more utility, and Pepe and Dogwifhat are fresher.
One meme token that combines freshness with utility and offers more than laughs is SPONGE. it’s the native token for an exciting new ecosystem.
GM #SPONGERS! 🧽🧽🧽
Did someone say moon? 🚀
Trade $SPONGE on @dexscreener 👇https://t.co/mRRzvNqdpm#MemeCoin #Crypto #Altcoins #Bullish #100x pic.twitter.com/iVOCDTYMVz
— $SPONGE (@spongeoneth) March 8, 2024
It’s also currently rallying very hard. According to CoinGecko data, SPONGE is up 153% in the last week and 57 in the last 24 hours % as it trades for $0.003623 at the time of writing.
SPONGE is an ERC-2o standard token created on Ethereum. It recently upgraded (and migrated) to a V2 on Polygon, an Ethereum Layer 2 scaling solution.
The team also introduced a couple of key improvements with the upgrade, including a new staking model that offers a minimum yield of 40% APY.
This yield currently sits at around 531%, varying according to the number of stakes and tokens locked up.
SPONGE also powers an upcoming racing game where players compete against each other to earn SPONGE rewards.
Buy And Stake SPONGE On The Website
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.
