The Bonk price has dropped by 6% in the past 24 hours, with the meme token falling to $0.00001171 on a day when the wider market drops by a less dramatic 0.5%.
BONK remains up by 7.5% in the past week, yet it has declined by 17.5% in the last 30 days, with January having been a largely negative month for the coin.
However, it continues to sit on a 1,000% gain in the last 12 months, and with its trading volume often outperforming that of its rival Shiba Inu (SHIB), it’s likely to experience further rallies soon.
Bonk Price Prediction as Volume Outperforms SHIB – Can Bonk Overtake Dogecoin and Shiba Inu?
Bonk’s chart continues to look pretty flat, with its indicators struggling to recover from more than a month of overselling and stagnation.
For instance, BONK’s 30-day average has been declining slightly over the past couple of weeks, and has failed to rise since January.
Source: TradingView
This is a clear sign of a loss of momentum, with the coin’s relative strength index (purple) telling us something very similar.
Indeed, the RSI remains below 50 and is struggling to rise any higher, suggesting a lack of interest from buyers at the moment.
BONK’s volume supports this view, since while the coin has traded more heavily than SHIB and DOGE in recent months, its volume currently stands at only $75 million.
This is minuscule in comparison to major tokens (e.g. Bitcoin, Ethereum Solana), and it also represents an 85% decline compared to how heavily BONK traded in mid-January.
One reason for BONK’s underperformance in recent weeks is that whales seem to have forgotten about the coin, with no big buys happening since earlier in the month.
There is one whale who continues to hold onto about $3.5 million of the coin, yet other than this, not much has happened in the past couple of weeks.
It seems that many traders have moved onto other meme tokens, with WEN being the latest Solana-based flavor of the month altcoin.
$BONK is to 2023, $WEN is to 2024
{drop mic} pic.twitter.com/qfqiBa7mTi
— moh.0X (@0x_moh_) January 28, 2024
Having said that, the market as a whole is also flatlining right now, so a return to bullishness may help the Bonk price recover.
The Bitcoin halving in April could lift prices across the board, for example, with BONK potentially able to return to $0.000030 by the end of spring.
Newer Meme Tokens for Newer Rallies
For those worried that BONK’s best days may already be over, there are other newer tokens emerging that look ready to rally in the coming weeks.
One prime candidate for big returns is Sponge (SPONGE), an ERC-20 cryptocurrency that originally listed – and surged – in April 2023.
Yet now it’s in the process of launching the second version of its coin, which comes with a new staking model and will also serve as the native token for an exciting new play-to-earn game.
10 exchanges not enough? #SpongeV2 will be listed on BIGGER AND BETTER exchanges!
You’re not ready for what’s coming next #SpongeV2 #MemeCoin #Presale pic.twitter.com/LdXRYu65Z8
— $SPONGE (@spongeoneth) January 23, 2024
The new game will be a multiplayer racer, enabling players to compete against each other to see who can rank the highest on a global leaderboard.
It will have a free and also a paid version, with those who rank the highest receiving SPONGE V2 as a reward,
Holders of SPONGE V1 can claim V2 tokens by visiting the official Sponge website and staking their older version, while non-holders can simply buy SPONGE V2 outright.
And once they’ve claimed their V2 tokens, they will have them staked until the new coin is officially launched, with holders earning a higher rate if they leave their tokens locked up for longer.
Taken with Sponge’s appeal as a meme token and its already-strong following, SPONGE V2 could really rally hard once it goes live in the next few weeks.
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