By The Bonk price has slumped by 7% in the past 24 hours, plunging to $0.00001093 on a day when the wider crypto market continues to correct following this month’s Bitcoin ETF approvals.
BONK has now declined by 22% in a week and by 40% in the last 30 days, although the Solana-based meme coin remains up by 800% in the pat year.
However, at one point in mid-December it was up by an astonishing 32,000% from its all-time low of $0.000000078614, recorded in December 2022.
As such, it may be the case that BONK is suffering from a long-term and possibly terminal decline, with traders now turning to newer meme coins and small-cap alts.
Bonk Price Prediction as Market Cap Suffers – Are Investors Shifting to Newer Cryptos?
There’s currently no technical indicator which suggests that BONK is about to shoot up anytime soon.
Its 30-day moving average (yellow) has begun the process of sliding down towards its 200-day average (blue), while its current price has also dropped below the 30-day, which is never a positive sign.
Source: TradingView
Meanwhile, BONK’s RSI (purple) has just slipped to 40, after seeing a mini-recovery to nearly 60 a couple of weeks ago.
It therefore seems like a long time since the indicator passed 80, which was back in mid-December.
Just as disturbing is the meme token’s trading volume, which currently stands at an all-but insignificant $40 million.
Given that this reached as high as $500 million (and that major tokens are trading in the billions), it would definitely seem that the market’s interest in BONK has dried up.
There have been no recent big transfers involving whales, although one large trader continues to sit on a trove of some 314 billion BONK, worth around $3.45 million.
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
Of course, $3.45 million is hardly an astronomical sum as far as whales go, something which perhaps helps to account for why the Bonk price is struggling so much right now.
It also doesn’t help that the wider market continues to witness profit taking and selloffs, with traders still treating the recent Bitcoin ETF approvals as a sell-the-news event.
And market-wide declines tend to impact the most volatile and speculative assets – such as meme coins – the most, which again helps to explain why BONK is suffering.
It could continue to lose for several weeks yet, although a return to more bullish conditions may help it recover strongly in later months.
Smaller Cap Alts for Bigger Rallies
For those who are worried that BONK’s best days may be well and truly behind it, there are numerous newer tokens in the market at the moment.
This includes several exciting presale coins which could rally big once they list on exchanges.
A great example of such a coin is Meme Kombat (MK), an ERC-20 token that has raised $7.3 million in its soon-to-be-finishing
$7.3 million raised and one step closer to our goal
How are you feeling this Monday? pic.twitter.com/rn1LNcqsKv
— Meme Kombat (@Meme_Kombat) January 22, 2024
While yet another meme coin on the face of it, Meme Kombat is actually a social gambling platform that will enable users to bet on AI-generated meme battles.
It will use AI to randomize battle outcomes, while results will be processed transparently on the Ethereum blockchain.
Just as importantly, users will be able to place bets using the MK token, with winnings also coming in the form of the native token.
Holders of MK will be able to stake the token, earning themselves a passive income in the process.
Combined with Meme Kombat’s infectious use of memes and social media, such tokenomics are likely to prove a hit, particularly when judging by the success of its sale.
The sale will end once it reaches its hard cap of $10 million, yet investors can still join by going to the official Meme Kombat website.
They can currently buy MK at a price of $0.279 per token, with the coin having a total max supply of 120 million.
Because of this restricted supply, and because of its staking system, MK could really jump in price once it lists on exchanges in the next month or so.
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