Bonk Price Prediction As Renewed Buying Interest Develops into Bullish Pattern β Is $0.00002 the Next Target?
The Bonk price has fallen by 5% today, dropping to $0.00001401 as the cryptocurrency market as a whole loses 0.5% in the past 24 hours.
Yet BONK remains up by an impressive 40% in the past week, with the meme token witnessing a 0.7% gain in the past hour alone, as it begins to recover.
Such a rise is likely to continue over the coming days, with its indicators showing some signs of an incoming bounce.
And with crypto potentially on track to see a fully fledged bull market this year, BONK could easily hit $0.00002 in the not-too distant future.
Bonk Price Prediction As Renewed Buying Interest Develops into Bullish Pattern – Is $0.00002 the Next Target?
As with many other coins right now, BONK’s indicators are in a middle-of-the-road position, having declined in recent weeks but possibly ready to rebound again soon enough.
For instance, the coin’s 30-day average (yellow) has resumed rising modestly after dipping a little last week, a sign of regaining of strength.
Meanwhile, BONK’s RSI has flattened at 50, a level that could see it making more rallies in the near future.
While BONK has indeed risen by 0.7% in the past hour, it should be noted that its 24-hour trading volume remains low in relation to where it was a week ago.
It currently stands at $130 million, compared to $500 million last week and a healthier $1.6 billion in mid-December.
It’s therefore arguable that this drop-off in volume indicates a loss of interest in BONK from bigger traders, although last week did see some considerable accumulation.
This smart trader who made ~$6.9M on $BONK spent 386 $SOL($40K) to buy 3.29B $BONK again today!
He accumulated 371.4B $BONK in 9 months at a cost of only 6,998 $SOL($276K) and sold half of the $BONK during the $BONK surge for 50,139 $SOL($5.2M).https://t.co/pOFRD2ndI8 pic.twitter.com/lkgGm13G0e
— Lookonchain (@lookonchain) January 9, 2024
As such, it remains likely that BONK will witness further rallies once the current post-ETF approval dip has played itself out, with the meme token remaining a popular vehicle for returns.
And while BONK itself has no real utility or fundamentals, its relative newness in comparison to more established meme coins puts it in a position to continue benefitting disproportionately from market-wide rallies.
Beyond last week’s ETF approvals, the market is also looking forward to the next Bitcoin halving, which is due to take place in April.
This event could certainly heighten bullishness in the following months, with the BONK price – which as a SOL-based coin benefits from Solana’s growth – likely to see considerable gains.
It could reach $0.00002 in the next few weeks, before reaching $0.00003 by the middle of the year.
Market-Beating Gains with New Meme Coins
As we’ve noted before, one issue with BONK is that it’s entirely arguable that it’s best days and gains are already behind it, so it may make only more modest returns from now on.
If so, traders can increase their exposure to higher returns by diversifying into one of a number of very strong new coins in the market right now.
One of the biggest and most interesting of these is Sponge (SPONGE), an ERC-20 token that first listed in April 2023, when it more than doubled in price.
Now that it has successfully listed and established itself as a major meme coin, it has begun the process of launching its coin’s second version, which will replace its current version.
This second version – SPONGE V2 – will come with a more rewarding staking model, while it will also be the exclusive native token for an up-and-coming play-to-earn game.
π Sponge V1 was a huge hit, and V2 is set to soar even higher!
Stake $SPONGE now to absorb the damp.
Missed V1? Don't miss V2! π₯π§½#SpongeV2 #Crypto #Alts pic.twitter.com/snPjpOOFh6
— $SPONGE (@spongeoneth) January 15, 2024
This P2E game will enable its players to complete with each other in order to rank the highest on a global leaderboard, with the most successful players receiving SPONGE V2 as a reward.
Holders of SPONGE V2 will also be able to stake the token, with those who have currently staked SPONGE V2 – and are therefore set to receive V2 in exchange – now earning a maximum of 343% APY, depending on how long they keep their tokens locked up.
Holders of the coin’s first version can claim the new tokens by going to the official Sponge website and staking their tokens, while those who don’t own any SPONGE can also buy the new token outright.
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.
