By The Bonk price has surged by 30% in the past 24 hours, rocketing to $0.00001327 as the wider market prepares for the SEC to approve spot Bitcoin ETFs tomorrow.
BONK is now down by 10% in the past week and by 27% in the past fortnight, yet today’s ascent also means it has gained by 29.5% in the last 30 days.
This medium-term momentum is likely to continue into the coming days and weeks, particularly if the SEC does indeed approve one or more Bitcoin ETFs tomorrow.
And with crypto potentially entering a new bull market, BONK could benefit disproportionately, even seeing higher percentage gains than Shiba Inu.
Bonk Price Prediction as BONK Skyrockets 30% in 24 Hours – Can it Overtake Shiba?
BONK’s chart shows that, after a noticeable dip, the meme token has begun rallying and gathering momentum again.
Indeed, its RSI (purple) has risen from 40 a couple of days ago to 50 today, and it continues to point upwards, suggesting that more gains are coming.
Source: TradingView
It’s also encouraging that the coin’s 30-day average (yellow) has also resumed climbing, after flattening out over several days.
Its 24-hour trading volume has also seen a sudden increase, moving from around $90 million yesterday to $350 million as of writing.
And such volumes are likely to increase in the next few hours and days, with data showing that whales have been accumulating BONK over over the past day or so.
This smart trader who made ~$6.9M on $BONK spent 386 $SOL($40K) to buy 3.29B $BONK again today!
He accumulated 371.4B $BONK in 9 months at a cost of only 6,998 $SOL($276K) and sold half of the $BONK during the $BONK surge for 50,139 $SOL($5.2M).https://t.co/pOFRD2ndI8 pic.twitter.com/lkgGm13G0e
— Lookonchain (@lookonchain) January 9, 2024
As such, BONK could move further very soon, especially if the SEC does indeed approve one or more Bitcoin ETFs.
But some caution should be in order, because while January 10 (tomorrow) is the next deadline for the SEC to make a decision on a batch of applications, the regulator has asked applicants to refile their applications ahead of the deadline.
Some commentators have suggested that this move indicates another delay, although it could simply be a formality, in that the SEC may just be asking applicants to add certain further details.
SPOT BITCOIN ETF UPDATE: The SEC just issued additional comments on pending applicant’s S-1s. This is a delay signal. #BitcoinETF #bitcoin
— Perianne (@PerianneDC) January 9, 2024
Based on this development, it would be rash to say that we’re guaranteed some approvals tomorrow, although the market certainly seems to think this, given that prices have risen substantially across the board.
Assuming such optimism is justifiable, the Bonk price could rise to $0.000020 in the next one or two weeks.
Alternative Meme Tokens
For traders who aren’t entirely sure about BONK, there are other promising new tokens and meme coins in the market right, including a variety of strong presale tokens.
One of the strongest of these Meme Kombat (MK), an ERC-20 cryptocurrency that has raised close to $6.5 million in its highly popular token offering.
We are unbelievably close to reaching $6.5 million raised in the $MK presale where we will be giving away 25,000 USDT
Last push. Let’s go! pic.twitter.com/93vMu2jaRY
— Meme Kombat (@Meme_Kombat) January 9, 2024
While Meme Kombat is, on the face of it, another meme token, it’s actually also a social gambling platform.
That is, it enables users to bet on the outcomes of AI-generated battles between meme characters, which its platform renders in real-time for users to watch.
By using the Ethereum blockchain, battles and their results are processed transparently, with the platform paying out winnings in the form of its native MK token.
Holders can also use MK for staking, providing themselves with a passive income, on top of any winnings and price gains.
Discord is now officially live and we are so happy to be there!
Let’s see how quickly we can get to 1000 members pic.twitter.com/dNLSDZDGEU
— Meme Kombat (@Meme_Kombat) January 8, 2024
Such features all add up to a promising platform, and with strong followings on Twitter, Telegram and now Discord, Meme Kombat could be a big hit once it launches in the next few weeks.
In the meantime, investors can join its presale by heading over to Meme Kombat official website.
MK is currently on sale at a price of $0.279 per token, although this could easily rise much higher once it lists on trading platforms.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Bonk Price Prediction as BONK Skyrockets 30% in 24 Hours – Can it Overtake Shiba? appeared first on Cryptonews.
