Bonk Price Prediction as BONK Dumps 10%
Bonk! ($BONK), the third largest meme coin by market cap and a flagship token of the Solana (SOL) ecosystem, dropped near 10% on Tuesday, because the broader crypto markets succumbed to promote stress following a promising begin.
Solana (SOL), to which Bonk!’s fortunes are carefully tied, dropped again to the $107s after pumping as excessive as $117 earlier within the day as Bitcoin pulled again from new highs for the 12 months close to $46,000 that it printed earlier within the day.
Bonk! was final altering arms round $0.0000135, with merchants now monitoring whether or not the Solana-based meme coin will have the ability to maintain above key assist within the $0.0000125 space.
$BONK has pulled again greater than 60% from its mid-December 2023 highs above $0.000035, although stays round 75x increased versus its October lows underneath $0.0000002.
Bonk Worth Prediction – Can It Bounce?
Bonk!’s worth motion over the previous few weeks doesn’t give a lot trigger for optimism.
Rallies have regularly been offered, and this implies that it’d simply be a matter of time till $0.0000125 assist is damaged and $BONK retests its 50DMA slightly below $0.000011.
Close to-term BONK worth predictions might thus stay bearish for now.
However Bonk! bulls shouldn’t utterly lose coronary heart but.
Most analysts agree that the broader crypto market bull run remains to be in its early phases (having begun simply over one 12 months in the past), which supplies Bonk! loads of time to make a comeback.
In 2021, meme cash Dogecoin and Shiba Inu reached market caps within the tens of billions.
If this crypto bull run goes to be a fair greater one for meme cash, then Bonk!’s present market of $820 million, in keeping with CoinMarketCap, suggests its stays at a fairly favorable valuation, and traders might nonetheless bag good points within the area of 10 or extra x.
On-chain knowledge as introduced in a Dune Analytics dashboard by @wagg reveals that transactions have been cooling as of late.
However the variety of customers, which surged past 100,000 on the 29th of December, continues to rise, and was final at round 112,000, as per the dashboard.
That implies new traders are flocking to purchase the dip.
Crypto Alternate options to Take into account
Meme cash can supply large potential returns but additionally include a number of threat.
For these in search of a greater likelihood of near-term good points, another high-risk, high-reward funding technique to think about is getting concerned in crypto presales.
That is the place traders purchase the tokens of upstart crypto initiatives to assist fund their improvement.
These tokens are practically at all times offered cheaply, and there’s a lengthy historical past of presales delivering large exponential good points to early traders.
Many of those initiatives have implausible groups behind them and an incredible imaginative and prescient to ship a revolutionary crypto utility/platform.
If an investor can determine such initiatives, the chance/reward of their presale funding is excellent.
The workforce at Cryptonews spends a number of time combing via presale initiatives to assist traders out.
Here’s a record of 15 of what the undertaking deems as one of the best crypto presales of 2023.
See the 15 Cryptocurrencies
Disclosure: Crypto is a high-risk asset class. This text is supplied for informational functions and doesn’t represent funding recommendation. Through the use of this web site, you conform to our phrases and circumstances. We might make the most of affiliate hyperlinks inside our content material, and obtain fee.
