By Solana-based meme coin Bonk has plummeted -10%, fuelling FOMO amongst retail traders left asking – is BONK going to zero?
This comes on the tail-end of a huge pump, fuelled by a highly anticipated Coinbase BONK listing – which fuelled a dramatic +80% pump.
Introducing The 12 Days of BONKmas
As the Initial Christmas BONK Airdrop Anniversary nears, BONKDAO wants to thank eligible BONK supporters for their ongoing contribution and participation with a fun holiday celebration and rewards event!
Have you been Naughty or Nice?… pic.twitter.com/ukNYhbR3Eb
— Bonk! (@bonk_inu) December 10, 2023
Community interest is now gravitating towards the ’12 days of BONKmas’ – which aims to reward loyal holders with an exciting airdrop offering.
BONK Price Analysis: Will BONK Retracement Trigger Major Bleed Out Movement?
As price action pushes down, BONK is currently trading at a market price of $0.00002014 (Representing a 24-hour change of -3.46%).
This comes following rejection from an all-time high at $0.000035 on December 15, which has since triggered a 5-day long -42% slide.
Price is now fighting for lifeline support at $0.0000203 as BONK holders attempt to establish a new layer of support that could prime price action for a second rally leg.
However, price action currently sits high above the 20DMA – which provided legs for much of BONK’s steady gains.
Worryingly, despite the retracement move, BONK still remains extremely overheated on the RSI, which currently reads at 69.25.
However, despite bearish divergence on the RSI, the MACD remains bullish reflecting upside momentum at a minor 0.00000008.
Overall, BONK looks vulnerable to further retracement here as price recoils from an over-extended ATH – created by Coinbase hype.
This leaves BONK with an upside target at higher support around $0.000027 (A potential +35.75%).
While downside risk could see BONK tumble down to lower support at $0.000015 (a possible -24.58%).
BONK therefore carries a current risk: reward structure of 1.45 – a reasonable entry, that could post additional gains, and certainly not going to zero just yet.
But while BONK is battling to hold ground, an emerging Bitcoin cloud mining presale is capturing the attention of eagle-eyed investors.
BONK Price Retracement Alternative? Don’t Miss Bitcoin Minetrix $BTCMTX Presale As $5.52M Raised
Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$5,529,173 raised.
Offering an enticing 141% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.
#BitcoinMinetrix has successfully raised more than $5,400,000! pic.twitter.com/eD8FvCkXJQ
— Bitcoinminetrix (@bitcoinminetrix) December 19, 2023
The true essence of passive income in the crypto world has never been this accessible.
With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
$5.6M In The Crosshairs: Bitcoin Minetrix Surges Past $5.5M As Markets Rush To Bitcoin Cloud Mining
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 456.6 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 62,573,539,549,305 – it has never been harder for the individual participant to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
Key Highlights of the BTCMTX Advantage Over APT Price Retracement:
Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry.
Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $5.5m raised towards its $6M goal. At a competitive price of just $0.0123 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
Secure your position in this transformative journey by joining the BTCMTX presale today.
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 Is Bonk Going to Zero? BONK Price Declines 10% as Novel Mining Protocol Reaches $5.5 Million Milestone appeared first on Cryptonews.
