Bonk Price Prediction as Market Cap Falls Below $1 Billion – Will BONK Keep Falling?
Bonk Designate Prediction as Market Cap Falls Below $1 Billion – Will BONK Withhold Falling?
The Bonk model has barely moved in the previous 24 hours, perfect at $0.00001011 because the crypto market as an entire also holds quiet this day.
BONK is now down by 15% in per week and by 6.5% in a month, with the meme coin’s most modern falls pushing its completely diluted market valuation (e.g. most provide x model) under $1 billion.
In actuality, BONK’s market cap (most modern provide x model) has been under $1 billion since the heart of January, with its most modern diploma of $615 million underlining the extent to which the coin has fallen out of fashion.
Yet with analysts making an strive forward to a bull market later this three hundred and sixty five days, and with BONK perfect moderately fashioned as a vehicle for whales, it would possibly per chance perhaps perhaps waste a comeback at final.
Bonk Designate Prediction as Market Cap Falls Below $1 Billion – Will BONK Withhold Falling?
BONK’s chart continues to say weak point, with its indicators signalling a loss of momentum that would possibly perhaps perhaps worsen some more sooner than a restoration arrives.
As an instance, the coin’s relative energy index (red) has slipped under 40, as piece of a valid decline since mid-January.
And it would possibly per chance perhaps perhaps proceed falling in the direction of 30 and even decrease sooner than BONK’s rallies, with the coin’s model also no longer too long in the past falling under its 30-day transferring common (yellow).
This topple under the 30-day normally indicators extra incoming falls, even supposing it need to impartial no longer be long sooner than the latest decline bottoms out.
Yet one element that’s severely caring with BONK is that its 24-hour trading volume has all-nonetheless dried up, falling from correct over $500 million in mid-January to about $43 million this day.
That’s a big (91%) decline, one which capability that zeal in BONK has more or much less vanished in a subject of weeks.
The info means that there hasn’t been a fundamental switch of BONK to or from exchanges in a month, with the final being a aquire of 3.29 billion BONK on January 9.
This easy trader who made ~$6.9M on $BONK spent 386 $SOL($40K) to aquire 3.29B $BONK again this day!
He amassed 371.4B $BONK in 9 months at a model of fully 6,998 $SOL($276K) and offered half of the $BONK throughout the $BONK surge for 50,139 $SOL($5.2M).https://t.co/pOFRD2ndI8 pic.twitter.com/lkgGm13G0e
— Lookonchain (@lookonchain) January 9, 2024
The whale above remains to be protecting onto 314 billion BONK, nevertheless, something which would possibly perhaps impartial be conscious an expectation that the coin will rally again.
Yet curiously the meme token will desire a market-large rally sooner than it need to delivery up rising again, provided that it lacks fundamentals of its have.
The kind of rally would possibly perhaps impartial practice – or precede – the Bitcoin halving in April, with the Bonk model doubtlessly returning to $0.000020 around this time.
Meme Tokens with Fundamentals
For traders skittish that BONK would possibly perhaps impartial never return to worn heights, there are other excessive-doable meme tokens available in the market good now.
One example with better potentialities than most is Sponge (SPONGE), an ERC-20 cryptocurrency first that listed – and boomed – on centralized exchanges in April 2023.
It has correct launched 2nd version of its token, SPONGE V2, having discontinued the most main version the day prior to this.
The cause for the change is that SPONGE V2 parts a revamped staking model, whereas this would possibly perhaps even be the native token of a play-to-waste racing game.
Inspiring news, #SPONGERS! 🌟🧽🧽#SpongeV2 is now live! Focus on over with our online web deliver to aquire and stake $SPONGE V2.
Strive it out under! 👇https://t.co/nFOSl1ZCD9#MemeCoin #Web3 #Crypto #Altcoins #CryptoStaking pic.twitter.com/T4DCAKhcxF
— $SPONGE (@spongeoneth) February 6, 2024
The upcoming P2E game will enable gamers to compete with every other and gruesome on a global leaderboard, with the game paying out SPONGE V2 tokens to essentially the most successful.
What’s severely bullish about SPONGE V2 is that its new staking model is more generous than sooner than, with the protocol paying out 245% APY in the in the intervening time.
This rate fluctuates reckoning on how many tokens customers stake and for how long, and it would possibly per chance perhaps perhaps even upward push better.
While it’s now too late to stake SPONGE V1 tokens to claim the more moderen and most modern version, enthusiastic investors can quiet aquire SPONGE V2 by going to the legitimate Sponge online web deliver.
Staking change! 🚀🧽
We have over 6,589,653,557 $SPONGE tokens staked with a fee of $3,308,731.05. 🤯
Make roam to stake your tokens sooner than the #SpongeV2 transition on February 5th!
Revel in our spectacular most modern APY of as a lot as 245%. 💪#Sponge #Memecoin #Crypto #Binance pic.twitter.com/Klp7VLQFIo
— $SPONGE (@spongeoneth) February 1, 2024
Over the approaching weeks, SPONGE V2 will checklist on varied exchanges, where it would possibly per chance perhaps perhaps abilities a rally that outdoes the surge its predecessor experienced final three hundred and sixty five days.
Aquire Sponge V2 Here
Disclaimer: Crypto is a excessive-risk asset class. This article is provided for informational purposes and would no longer constitute investment advice. That you just can perhaps perhaps per chance lose your entire capital.
Source : cryptonews.com
