Connect with us

Hi, what are you looking for?


Bonk Price Prediction as BONK Jumps 5% in 24 Hours – Time to Buy?

The market’s third biggest Doge-inspired meme coin, BONK, has rallied 6% in the last 24 hours to trade at $0.00001055 at the time of writing.

That’s just over 1% higher than it was this time last week, but the token has shedded 20.5% of its price in the last thirty days due to bearish sentiment.

Today’s breakout spurt is buoyed in part by a market-wide rally that added 4.6% to market leader Bitcoin and 3% to its closest contender, Ethereum.

BONK is issued on the Solana blockchain.

The network’s native SOL token is also doing well, posting growth of 7.4%. Since late 2023, BONK’s rallies have often mirrored those of its parent network token.

BONK’s Relative Strength Index (RSI) is currently sitting at around 58, which indicates healthy buying. When that number increases to 70, as it did earlier today and several times throughout January, the token is considered overbought, and thus overvalued.

The coin is currently sitting above its 30-day moving average, as seen by the pale blue line. This indicates better than normal near-term performance.

Source: TradingView

Memecoin BONK: A Primer

BONK launched on Christmas Day, 2022, shortly after the collapse of FTX dealt a major blow to the public image of the closely affiliated Solana blockchain.

Its creators airdropped 50% of the token’s total supply to various developers, NFT holders, creators and artists.

It hit an all-time high in the middle of the following December, when it traded at $0.00003416. Today’s price reflects a 70% pullback from that.

With its current market cap of $641,624,033, BONK is the 109th biggest cryptocurrency by market capitalization. That’s some way off the capitalization of the original, number one, Doge-based memecoin, Dogecoin (DOGE), which corners $11.5 billion of the market and sits in eleventh place. Dogecoin also utilizes its own Proof-of-Work blockchain.

Shiba Inu (SHIB) over on Ethereum is also way ahead, capitalizing $5.5 billion of the market.

Still, today’s BONK rally outdoes both its competitors in the last 24 hours. DOGE added 2.2% and SHIB added 4%.

Better than BONK

In a market saturated with meme coins, two clear projects dominate the Doge/Shiba Inu corner: DOGE and Shiba Inu. BONK’s fate is too closely pegged to Solana’s for their to be much scope for a breakout anytime soon.

That said, all meme coins are notoriously more volatile than tokens and coins backing projects with obvious utility. One project that is still up-and-coming and has plenty of space to grow is the Ethereum-based Bitcoin Minetrix. Its native token, BTCMTX, is still in presale and has already swept up a tidy $10.4 million.

Its business model is best described as cloud mining done simple.

China’s latest crackdown on #Cryptocurrency mining signals a major shift in the regulatory landscape.

Will this push towards energy conservation lead to a more sustainable future for #Crypto, or will it simply relocate mining operations elsewhere? #BitcoinMinetrix has…

— Bitcoinminetrix (@bitcoinminetrix) February 5, 2024

Users purchase BTCMTX and stake it on the platform for tokenized mining credits, which they can then spend on hash power, the fuel underpinning all global Bitcoin mining operations. The more hashpower you own, the more Bitcoin you’re mining. In addition, rewards for staking are paid out in BTCMTX, creating a platform with a lucrative double stream of revenue.

If you want to get in on the action, simply

Visit Bitcoin Minetrix Now

The post Bonk Price Prediction as BONK Jumps 5% in 24 Hours – Time to Buy? appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!


Editor’s Pick

Boeing is in talks to buy back Spirit Aerosystems, which makes fuselages for Boeing’s 737 Max jets, according to a person familiar with the matter, as...

Editor’s Pick

The price of bitcoin soared past $65,000 Monday, putting it within striking distance of its all-time high reached in November 2021. The cryptocurrency has...

Editor’s Pick

JetBlue Airways and Spirit Airlines on Monday said they were terminating their merger agreement weeks after losing a federal antitrust lawsuit that challenged the deal. A federal judge blocked the...

Editor’s Pick

The European Commission, the European Union’s executive arm, on Monday hit Apple with a 1.8 billion euros ($1.95 billion) antitrust fine for abusing its dominant position...


Bitcoin Price Prediction Bitcoin’s latest rally to $66,400, showcasing nearly 6% uptick within a mere 24 hours, becomes a focal point for analysts and...


The Financial Supervisory Commission (FSC) of Taiwan has announced its intention to propose a new draft of digital asset regulations for the country in...

You May Also Like

Financial Advisors


Financial Advisors


Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.