The meme coin market has had a resurgence in recent weeks, with coins like Dogecoin (DOGE) and Shiba Inu (SHIB) posting impressive returns.
The latest meme coin making waves is Bonk (BONK), which has seen its price rocket over 2,100% since October.
While Bonk’s meteoric rise has been impressive, an even more promising opportunity could be the presale for Meme Kombat (MK), a new gaming meme token preparing for its exchange listing.
BONK Meme Coin Aims to Revive Solana Network
Bonk is a meme coin launched on the Solana blockchain in December 2022.
It was created by DexLab to support and revitalize the struggling Solana community.
As a dog-themed coin similar to DOGE and SHIB, BONK has branded itself as a social token focused on community engagement through BonkDAO.
The developers envision BONK becoming the primary coin facilitating DeFi and NFT trading on the Solana network.
After a successful launch, BONK saw its price crash by over 98%, leading most crypto investors to declare that the token was dead.
However, renewed hype has driven BONK’s recent price surge, with it now ranked the sixth largest meme coin globally, based on daily trading volume.
This resurgence can be partially attributed to new staking rewards, a BitMEX listing for leveraged trading, and partnerships with leading Solana DApps like Orca and Raydium.
While these partnerships align with Bonk’s goal of helping Solana grow, the token still demonstrates high price volatility – evidenced by its 42% drop last week.
Can BONK Ever Hit a $1 Valuation?
Despite its recent resurgence, most analysts believe BONK is still far from reaching the coveted $1 valuation soon.
For BONK to reach $1, its market cap would need to surge over 22,758,000% into the trillions – and more than the GDP of the entire United States.
Obviously, this is highly improbable, if not impossible.
For reference, Dogecoin, considered the world’s most successful meme coin, has a market cap of around $11.5 billion.
More realistically, if BONK reached Dogecoin levels of popularity, its price could theoretically spike to around $0.0002 – a 500% increase from its current price.
While unlikely in the short term, further exponential growth for BONK can’t be ruled out completely.
With increased listings, partnerships, community engagement, and use cases, BONK could potentially continue growing in 2024 and beyond, just not to the $1 level.
Trending Meme Kombat Gears Up for DEX Launch & Potential Price Breakout
While BONK has seen impressive short-term gains, Meme Kombat (MK) may have greater long-term potential.
Meme Kombat is an innovative new play-to-earn meme coin combining gaming, staking rewards of 400% APY, and community engagement.
The platform’s main feature is a battle arena where users can bet MK tokens on fights between popular meme characters.
Meme Kombat is currently in its presale stage and has raised over $2.2 million, showing strong investor demand.
With 50% of the MK supply allocated to the presale, Meme Kombat has an advantage over coins like BONK in controlling the available token supply.
The presale price has also increased in phases, beginning at $0.1667 per token and now sitting at $0.214 per token.
According to Meme Kombat’s whitepaper, the development team plans to officially launch the platform once the MK presale has concluded, allowing access to battles and other gaming features.
MK will also be listed on DEXs like Uniswap for greater liquidity.
Given that the final stage presale price will be $0.279, hitting $1 per token is a more reasonable possibility for MK than BONK.
Considering Meme Kombat has a fixed supply of 120 million, for the token to reach $1, MK would need a market cap of $120 million.
While not insignificant, this is far below BONK’s required market cap in the trillions to reach $1 at current supply levels – hinting that MK may have an exciting future ahead.
