Bonk ($BONK) is a popular dog-themed meme coin on Solana that is inherently tied to the underlying blockchain. Sure, it’s a meme coin, but it also serves to provide liquidity to DEXs on Solana, making it an asset with practical use on the network.
Breakout or bust?
Although $BONK dipped heavily at the beginning of the month, falling to under $0.00002000, it started rapidly shooting up after a Republican win on election night. Plenty of analysts in the crypto industry were positive about this pattern.
For example, Clifton Fx shared a 3-D chart that indicates the price is taking the shape of a symmetrical triangle pattern, which can be a sign that it’s reaching breakout territory.
Although the upward pattern has slightly slowed within 24 hours (the trading volume decreased by 43.66% from the day prior), the overall sentiment is still bullish with $BONK reaching $0.00002245 on November 7th.
All of this indicates a strong presence of new buyers, which is a good sign for this nifty little Solana coin. Since the overall market is generally positive and most cryptos (not just Bitcoin) are reaching new all-time highs, it’s realistic to expect $BONK to do so as well, at least next year.
It all depends on whether the rising trend continues. If yes, $BONK may reach a new resistance level of $0.00002566 in a shorter time frame.
Long-term projections are uncertain, but if the $BONK ecosystem receives new advancement, it may bring in new investors, allowing this coin to exceed the previous all-time high of $0.00004114.
Can Shiba Galaxy rival Bonk?
Although $BONK is a project that oozes quality, it may not be your best bet if making gains is your primary goal. It all boils down to one rule - the lower the market cap, the bigger the room for growth.
Case in point: $BONK has a market cap of $1.67 billion. This is significantly lower than the market cap of more popular coins like Shiba Inu ($11.1 billion), but you may fare better by finding projects with market capitalization amounts under $100 million.
So, where can you find a meme coin with such a low market cap that’s also brimming with utility?
The up-and-coming Shiba Galaxy ($SHIBG) may fit the bill. Currently in its pre-sale, you can snag $SHIBG at just $0.105. Even better, the market cap is just $30 million, which leaves room for growth in the near future.
However, the most interesting thing about Shiba Galaxy is its utility. As an L2 blockchain meme coin, it offers seamless bridging between Ethereum and the project’s very own Shiba Galaxy Chain. Thus, investors have access to faster transaction speed and lower fees than with other meme coins.
The Shiba Galaxy team is dedicated to creating an entire community centered around its coin. By providing a comprehensive ecosystem with a block explorer and block builder, Shiba Galaxy has the potential to attract developers looking to build new meme coins.
Plus, investors can also look forward to staking - something that provides much more ROI than is
generally possible with regular meme coins.
There’s a new sheriff in town?
The bull run presents plenty of exciting opportunities for investors big and small. With so many projects to choose from, finding which coins are a good fit for your portfolio can be an arduous task.
While established meme coins are rising in value, unfortunately, they come with a lower earning potential due to their market caps. Nothing wrong with holding them, but it’s also prudent to diversify a little bit by tracking down fresh utility-centric projects with much more favorable market caps.
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