Bonk Price Prediction as BONK Bounces 36% From Recent Bottom – New Highs Incoming?
The Bonk price has dipped by 0.5% today, dropping to $0.00001311 amid a slight 1.5% gain for the crypto market in the past 24 hours.
Today’s slide represents a minor take-profit correction for BONK, which has actually gained by 10% in a week and by 29% in the past fortnight.
The popular Solana-based meme token has also risen by 1,350% in the last 12 months, making it one of the best-performing cryptocurrencies in the top 200.
And with the coin having bounced by 36% since falling below $0.000010 earlier this month, more gains could be incoming.
Bonk Price Prediction as BONK Bounces 36% From Recent Bottom – New Highs Incoming?
BONK has recovered encouragingly over the past week, coming back from roughly two weeks of relative decline.
Its RSI (purple) recently reached 60, and while it did dip back to 50 over the weekend, it has sneaked up again in the past day.
This indicates rising momentum and buying pressure, something also suggested by BONK’s 30-day moving average (yellow), which has resumed rising above the 200-day average (blue).
One other positive indicators is the coin’s 24-hour trading volume, which has climbed from $25 million at the start of the month to $50 million, as of writing.
This is still low compared to more major tokens, yet it shows that some interest is returning to BONK, which saw volume reach $250 million again in the middle of February.
In other words, there are reasons to be positive that BONK can continue enjoy gains in the short- and medium-term, even if it doesn’t quite have the momentum it had in November and December.
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BONK has also recently benefitted from the launch of Bonk rewards via Solana-based platform Armada, something which has encouraged holders to lock up their tokens to earn rewards.
While this is a modest feature, it shows that the coin is slowly adding more value to its ecosystem, pointing to a future in which it may move beyond being a more meme token.
And when combined with the likelihood that the market will become even more bullish as we approach the next Bitcoin halving, the Bonk price could rise significantly again in the not-too distant future.
It could hit $0.000020 by the end of the spring, before rising back to $0.000030 by the fall.
Newer Solana-Based Meme Tokens for Newer Rallies
BONK may never recover the enviable momentum it saw at the end of 2023, in which case many traders may prefer to investigate newer Solana-based meme coins.
One of the most promising of these is Smog (SMOG), a Solana- and Ethereum-based coin that listed on Jupiter a couple of weeks ago.
Since listing it’s up by nearly 4,000%, and has gained by 10% in the past four hours alone.
Such gains suggest that SMOG has already advanced well beyond being another flash-in-the-pan Solana-based meme coin that rises and falls completely in only a few days.
Much of the reason why Smog has real longevity is that it has a unique airdrop system, which will reward holders in proportion to how many SMOG tokens they already hold (and for how long they’ve held them).
Such a system provides strong incentives to hold SMOG for longer periods, taking much of the coin’s supply out of circulation, and thereby boosting its price.
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It has also begun introducing ‘quests’ for followers and holders to complete, with participants receiving rewards in SMOG for doing so.
On top of this, the token also supports staking, with its protocol currently offering a yield of 42% APY.
Taken together, this has all helped Smog build up a strong online following very quickly, with the coin boasting over 25,000 followers on X.
Investors can buy the token now by going to the official Smog website, while it’s also tradeable via Jupiter.
And one it lists on other platforms it’s likely to witness further sharp gains, making it one of the most successful new meme coins of Q1 2024 (and beyond).
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.
