Cryptonews Price Predictions Bonk Price Prediction as BONK Jumps 5% in 24 Hours – Time to Buy?
Bonk Price Prediction as BONK Jumps 5% in 24 Hours – Time to Buy?
Tim Hakki
Last updated: 18:51 GMT+7 8 tháng 2, 2024 | 2 min read
The market’s third biggest Doge-inspired meme coin, BONK, has rallied 6% in the last 24 hours to trade at $0.00001055 at the time of writing.
That’s just over 1% higher than it was this time last week, but the token has shedded 20.5% of its price in the last thirty days due to bearish sentiment.
Today’s breakout spurt is buoyed in part by a market-wide rally that added 4.6% to market leader Bitcoin and 3% to its closest contender, Ethereum.
BONK is issued on the Solana blockchain.
The network’s native SOL token is also doing well, posting growth of 7.4%. Since late 2023, BONK’s rallies have often mirrored those of its parent network token.
BONK’s Relative Strength Index (RSI) is currently sitting at around 58, which indicates healthy buying. When that number increases to 70, as it did earlier today and several times throughout January, the token is considered overbought, and thus overvalued.
The coin is currently sitting above its 30-day moving average, as seen by the pale blue line. This indicates better than normal near-term performance.
Source: TradingView
Memecoin BONK: A Primer
BONK launched on Christmas Day, 2022, shortly after the collapse of FTX dealt a major blow to the public image of the closely affiliated Solana blockchain.
Its creators airdropped 50% of the token’s total supply to various developers, NFT holders, creators and artists.
It hit an all-time high in the middle of the following December, when it traded at $0.00003416. Today’s price reflects a 70% pullback from that.
With its current market cap of $641,624,033, BONK is the 109th biggest cryptocurrency by market capitalization. That’s some way off the capitalization of the original, number one, Doge-based memecoin, Dogecoin (DOGE), which corners $11.5 billion of the market and sits in eleventh place. Dogecoin also utilizes its own Proof-of-Work blockchain.
Shiba Inu (SHIB) over on Ethereum is also way ahead, capitalizing $5.5 billion of the market.
Still, today’s BONK rally outdoes both its competitors in the last 24 hours. DOGE added 2.2% and SHIB added 4%.
