The Bonk price has plunged by 22% in the past 24 hours, falling to $0.00002036 on a day when the crypto market as a whole has lost 8%.
Today is a bad day for the market in general, with a flash crash on BitMEX sending Bitcoin (BTC) as low as $8,900 for a while yesterday, yet it seems that meme coins such as BONK have been suffering the most.
Indeed, BONK is now down by 31% in a week and by 48% in a fortnight, although it holds onto a 53% gain in the past 30 days.
This suggests that it and the market retain enough medium-term momentum to recover soon enough, with yesterday’s selloff presenting a prime opportunity to buy the dip.
Bonk Price Prediction as $300 Million Sends BONK Plummeting 22% – Time to Buy the Dip?
Based on a perusal of BONK’s chart, now does seem like a great time to buy the dip, with the coin’s indicators suggesting that it’s close to bottoming out.
Its relative strength index (purple) has just rebounded to 30 after touching 20 earlier this morning, a sign that it has taken enough damage for now.
Source: TradingView
BONK’s 30-day average (yellow) has also fallen to what looks like a low point in relation to the 200-day average (blue), another sign that it should be coming up anytime soon.
Having said that, the coin’s support level (green) would also suggest that it could see more losses before a recovery arrives.
It’s also disturbing that BONK’s 24-hour trading volume remains relatively low compared to the peaks of early March, having fallen from nearly $2 billion on March 5 to just over $300 million today.
What this suggests is that traders cannot exit positions without accepting big reductions in price, something which has likely been driving down the Bonk price today and yesterday.
As such, investors should probably expect some more pain before the picture begins to improve.
Bonk’s ability to recover will depend largely on the trajectory of the wider market, which has been very bullish in recent weeks but which has taken a big haircut after a round of profit-taking.
There is no bull market without dips
Dips take a bit of steam out of the price, give some time for the market to breathe, and they make you earn your #Bitcoin
If you’re new to Bitcoin and jealous of HODLers who bought earlier, don’t be.
They went through hell, and now… pic.twitter.com/cIXIYIa3TB
— Bitcoin Archive (@BTC_Archive) March 19, 2024
Nonetheless, the existence of healthy Bitcoin ETF volumes, as well as the approach of the next Bitcoin halving should help price to recover soon enough.
This includes the Bonk price, which could return to $0.00002036 in the next few weeks.
New Altcoins Show Big-Rally Potential
For anyone worried that BONK may have played out during the current cycle, there are newer alternatives to consider that may rally substantially in the coming weeks.
This includes several presale tokens, which often tend to generate considerable momentum as they prepare to list on exchanges.
One coin doing this now is Green Bitcoin (GBTC), an ERC-20 token that opened its sale a few weeks ago and has already raised over $6 million.
To celebrate $6M we’re launching our GBTC GIVEAWAYS!
To enter, simply: Like + RT + Tag a friend!
The first prize is a $200 GBTC Airdrop. THERE WILL BE MANY MORE! Winner will be announced in replies in 24hrs. pic.twitter.com/k0sxIFOMnQ
— GreenBitcoin (@GreenBTCtoken) March 18, 2024
As its name suggests, Green Bitcoin is an environmentally friendly version of Bitcoin (BTC), in that it has a hard-capped supply of 21 million tokens while also running on the Ethereum blockchain (which uses much less energy than PoW coins).
Most interestingly of all, GBTC will have a novel predict-to-earn staking model, which invites stakers to predict future price movements for the original BTC.
Those who predict correctly receive greater staking rewards, which holders can also increase by keeping their tokens locked for longer.
Such a system is likely to invite not only greater engagement with Green Bitcoin, but to encourage more holders to stake their tokens.
By extension, taking GBTC out of circulation should have the effect of squeezing up its price over time.
Green Bitcoin goes GLOBAL, with our campaign drawing thousands of supporters from every corner of our world.
We thank you. pic.twitter.com/dRUyegB7PQ
— GreenBitcoin (@GreenBTCtoken) March 7, 2024
These elements should all help to make Green Bitcoin a popular coin, with its presale attracting investors also because it gives them an opportunity to make up for missing out on BTC when its price was in the lowly $1 region.
Newcomers can join its presale by going to the official Green Bitcoin website, where they can buy GBTC at a cost of $1.0682 per token.
This price will slightly with each new presale stage, while it could surge once the token lists.
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