Bonk Price Prediction as BONK Bounces 7% – New Rally Starting?
The Bonk price has risen by 7% today, lifting to $0.00001274 as the cryptocurrency market enjoys a 5% gain in the past 24 hours.
This move puts BONK at a 26% increase in a week and, despite losing 13.5% in a month, a 1,400% gain in the past year.
And what’s important about today’s bounce is that it shows how the market remains interested in BONK, which had seem to be on something of a long-term decline prior to the market’s recent rally.
This could mean that the Solana-based meme coin is about to begin a new rally in the coming days and weeks, particularly as the market becomes more bullish.
Bonk Price Prediction as BONK Bounces 7% – New Rally Starting?
BONK’s indicators have improved since this week’s market-wide rally, although they don’t look entirely convincing.
The meme coin’s relative strength index (purple) had risen back up to 60 in the past couple of days, but it has actually dipped a little this morning, suggesting that it’s having trouble accumulating any more momentum.
Similarly, BONK’s 30-day average (yellow) is rising again in relation to its 200-day (blue), yet its ascent is very shallow, signalling that its current buying pressure isn’t particularly strong.
It’s also worth pointing out that, while its 24-hour trading volume has risen to about $120 million today, this is still a long way off from the levels it enjoyed in early January (c. $500 million) and in mid-December (c. $1.5 billion).
As such, it would be rash to conclude that BONK has definitely made a full comeback, with numerous less speculative cryptocurrencies (e.g. Ethereum, Solana, Render, Sei, Helium) posting bigger 24-hour gains today.
It’s also telling that, even with recent market-wide jumps, there haven’t been any big whale transfers involving BONK, suggesting that former levels of demand haven’t quite returned yet.
BTC, SOL, BONK.
Probably the simplest and most elite portfolio of this cycle.
— Primitive° (@PrimitiveMoney) February 12, 2024
Still, one big BONK whale does continue to hold onto $4 million in BONK, something which suggests that they expect more gains to come.
And it’s also likely that this year’s hoped-for bull market is only just beginning, with the next Bitcoin halving ready to join rising Bitcoin ETF volumes as a major driver of increased demand.
Such demand will include BONK, which also benefits from its status as a token running on Solana, which continues to largely outperform all other layer-one alts.
As such, the Bonk price could reach $0.000020 in the next few months, before returning to $0.000030 in the latter half of the year.
Alternative Meme Tokens for Big Rallies
Given the mild element of uncertainty surrounding BONK, some traders may prefer to look towards newer high-potential meme coins, particularly those that are still in the process of listing.
An excellent example of this is Smog (SMOG), a Solana-based meme token that listed on the Jupiter and Birdeye DEX aggregators last week
Impressively, SMOG is up by just over 1,500% since listing on February 7, providing a clear sign that it has solidified its initial gains.
This stands in stark contrast to the vast bulk of Solana-based meme coins, which unlike BONK and WEN have tended to rise for only a day or two before dumping completely.
The reason why SMOG has been able to distinguish itself is that it features a bullish airdrop system, which will reward participants in proportion to how many SMOG tokens they already hold (and for how long they’ve held them).
This airdrop system will therefore incentivize longer term holding, which accounts for why SMOG has retained most of its value following its listing last week.
SMOG will come with a max supply of 1.4 billion tokens, with 35% of this going to airdrops, 50% to marketing, and 15% to liquidity.
$SMOG 🐉 One #Memecoin To Rule Them All🔥
Buy or stake ERC-20 $SMOG tokens through our website for 42.0% APY.💰
Tokens staked are locked for 90 days, with rewards withdrawable throughout. 🔒💸
All tokens purchased through the site will be automatically staked.
Link in bio! pic.twitter.com/Y98lZcjuk6
— SMOG (@SMOGToken) February 10, 2024
Another important feature is that holders are able to stake SMOG, with the token currently offering a yield of 42% APY.
Combined with its recent gains, such a staking setup could make SMOG very profitable.
Aside from visiting Jupiter or Birdeye, investors can buy SMOG by visiting its official 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.
