Bonk (BONK) is down another 6% on Friday, taking its run of losses considering that striking all-time highs in December to almost 70% as meme coin buzz continues to fade.
BONK/USD was last altering hands on significant cryptocurrency exchanges at around $0.000011, a far cry from its peak a couple of weeks ago above $0.00003.
Regardless of its torrid time in current weeks, BONK stays the 3rd biggest meme coin in the crypto market since Friday with a market cap of around $700 million, lagging just Dogecoin (DOGE) and Shiba Inu (SHIB), which have market caps of $11.8 billion and $5.8 billion respectively.
BONK is likewise still up by more than 6,200% versus its October lows under $0.0000002, with a market cap of still around $200 million that the 4th biggest meme coin Pepe Coin (PEPE).
Bonk (BONK) Price Prediction– Is Meme Coin Hype Fading?
While Bitcoin (BTC), the world’s biggest cryptocurrency by market capitalization, has actually had a strong start to 2024, getting where it ended in the last months of 2023, meme coins have actually usually been carrying out severely in current weeks.
Dogecoin and Shiba Inu are both down around 5% up until now this year and almost 20% down versus December’s highs, so it’s not simply Bonk that has actually been carrying out severely.
The variety of active users trading Bonk on the Solana blockchain has actually been trending lower in current weeks, based on a Dune control panel.
That’s a sign that crypto financiers are taking less riskier bets.
Need to identify Bitcoin ETFs get authorized in the coming days, as numerous are anticipating, this might inject fresh threat hunger into the market, which might benefit meme coins like Bonk.
In the meantime however, BONK rate forecasts are most likely to stay bearish, with BONK in a clear technical sag.
Secret assistance in the low $0.000009 s might quickly be checked.
Bonk (BONK) Price Chart/ Source: TradingViewBONK Alternative to Consider– Sponge V2 ($SPONGEV2)
Bonk’s low market cap of just around $700 million implies it might quickly provide holders gains in the area of 10x this booming market.
That’s okay, however numerous meme coin financiers are intending greater, i.e. for gains in the area of 100x.
They need to look no more than Sponge V2 ($SPONGEV2), the reincarnation of the famous Spongebob Squarepants-themed $SPONGE token, which reached a market cap of almost $100 million earlier in 2023 and provided gains to its earlier financiers in the area of 100x.
$SPONGE token holders will have the ability to stake their tokens to get a comparable quantity of $SPONGEV2 tokens, along with to begin making staking benefits (paid in $SPONGEV2) with a minimum APY of 40%.
$SPONGEV2’s primary benefit over $SPONGE is that it will power a brand-new play-to-earn video game, the information of which are yet to be launched.
We do understand that there will be a totally free variation and paid variation of the video game.
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