Bonk! Chart / Source: TradingView
The Bonk! ($BONK) pullback continues to gather pace, with the $BONK price having now fallen more than 60% from the record highs it hit earlier in the month near $0.000035 per token.
$BONK was last trading just above $0.0000135 and is below its 21DMA for the first time since October as traders take profit following a stellar run higher this quarter.
At its peak, Bonk!’s market cap surpassed $1.7 billion this month, making it the world’s third most valuable meme coin after only Dogecoin ($DOGE) and Shiba Inu ($SHIB), though its market cap has since shrunk to under $900 million.
That’s a stunning rally given that in mid-October, its market cap was under $10 million.
Bonk! ($BONK) Price Prediction – Can It Recover From This Significant Decline?
Meme coin markets are highly unpredictable, meaning its tough to make near-term price forecasts.
Cryptocurrencies like Bonk! are driven primarily by speculation rather than fundamentals, explaining this unpredictability.
That being said, Bonk! has been enjoying some fundamental tailwinds that go a long way to explaining its recent ascent toward the top of the meme coin rankings.
Solana, the blockchain on which it is issued, has been pumping hard in recent weeks amid an explosion of meme coin trading and airdrop-hunting activity on the network that has seen transactions and active users shoot higher.
Bonk! has become something of a flagship meme coin for the Solana network, and its rise to become the third-largest meme coin by market cap is a testament to Solana’s potential to rival the Ethereum and Bitcoin networks.
Indeed, Solana is now the fourth largest crypto network by market cap, sat only behind Bitcoin, Ethereum and BNB.
Solana’s strong outlook suggests that interest in Bonk! is likely to remain high amongst speculators, even if smaller cap meme coin’s offer a higher likelihood of 10 or 100x gains.
Meme Coin Alternative to Consider – $SPONGEV2
One such meme coin that could offer much higher upside prospects that Bonk! is Sponge V2.
Sponge V2 ($SPONGEV2) is the reincarnation of the legendary Spongebob Squarepants-themed $SPONGE token, which reached a market cap of nearly $100 million earlier in 2023 and delivered gains to its earlier investors in the region of 100x.
$SPONGE token holders will be able to stake their tokens to receive an equivalent amount of $SPONGEV2 tokens, as well as to start earning staking rewards (paid out in $SPONGEV2) with a minimum APY of 40%.
$SPONGEV2’s main advantage over $SPONGE is that it will power a new play-to-earn game, the details of which are yet to be released.
But we do know that there will be a free version and paid version of the game.