By CryptoNews - 3 months ago - Reading Time: 4 minutes
Bonk Price Prediction Following Meme Coin Sector’s Recovery – Can BONK Reach $1?
The Bonk price has jumped by 9% today, surging to $0.00001171 as the cryptocurrency market as a whole gains by 2.5% in the past 24 hours.
This means that BONK is now down by 1.5% in a week and by 26% in the last 30 days, falling as part of a market-wide sell-the-news reaction to recent Bitcoin ETF approvals.
Yet the coin remains up an impressive 1,000% in the past year, underlining how strongly it performed in late 2023, as it became a vehicle for whales.
And with meme coins often benefitting disproportionately whenever the market recovers and rallies, the next few weeks could be big for BONK.
Bonk Price Prediction Following Meme Coin Sector’s Recovery – Can BONK Reach $1?
It seems that, after an extended period of losses, BONK may have just begun a process of recovery, at least judging by indicators.
For example, its RSI (purple) has begun climbing steadily after falling just below 40 earlier in the week,
Source: TradingViewGiven that the RSI had been subdued for around a month, it now seems that this rise signals a renewal of momentum.
BONK’s 30-day average (yellow) is also showing improved signs, given that it had been falling towards the 200-day (blue) but has now flattened out.
It’s also highly likely that the coin’s current price will overtake the 30-day average very soon, forming a bullish cross that often signals further gains.
Having said that, trading volume remains low, at around $68 million, so there remains a chance that today’s modest improvements don’t continue for much longer.
It’s also worth pointing out that few whales have been accumulating BONK in recent weeks, suggesting a loss of interest in the token.
But as we’ve reported before, one whale continues to sit on a kitty of around 314.8 billion BONK, worth about $3.3 million.
This smart trader who made ~$6.9M on $BONK spent 386 $SOL($40K) to buy 3.29B $BONK again today!
He accumulated 371.4B $BONK in 9 months at a cost of only 6,998 $SOL($276K) and sold half of the $BONK during the $BONK surge for 50,139 $SOL($5.2M).https://t.co/pOFRD2ndI8 pic.twitter.com/lkgGm13G0e
— Lookonchain (@lookonchain) January 9, 2024
This suggests that bigger and savvier traders continue to expect that BONK will see further gains sooner or later, even if it has disappointed in recent weeks.
And seeing as how the market as a whole has recovered today, the overall outlook may become more bullish in the next few weeks.
Indeed, the recent approval of Bitcoin ETFs may gradually see an increase in volumes and demand for BTC and crypto more generally, helping to push up the Bonk price as well.
From its current level of $0.00001171, it may reach $0.000020 in the next two or three months.
New Meme Tokens with Strong Fundamentals
One of the issues with BONK is that it lacks fundamentals, meaning there’s nothing supporting its price but the whims of the market and larger traders.
For this reason, traders may prefer to invest in meme tokens that not only have a strong following, but that also have some utility to back them up.
A good example of this is Meme Kombat (MK), an ERC-20 coin that has raised just over $7.4 million in its very popular presale.
We have surpassed the $7.4 million mark in the $MK presale
One step closer to finishing this up pic.twitter.com/QdKOPIjv5G
— Meme Kombat (@Meme_Kombat) January 25, 2024
What distinguishes Meme Kombat from the pack is that, aside from being a meme coin, it’s also social gambling platform on which users can bet on the results of AI-generated battles between meme characters.
Its use of AI will enables it to randomize battle outcomes, while the use of smart contracts will make battles and their results transparent.
Users can place bets against each other or against the game itself, using MK to do so.
They will also receive MK if they win, with the token open to staking, meaning that holders could find the coin very profitable.
$MK numbers that make us go
8500+ memebers in TG
1400+ memebers in Discord
30 million+ $MK staked
80% $MK staked
6.4 million+ $MK paid in rewards
10k+ $MK stakers
Just under 50 Beta Testers
Countless memes pic.twitter.com/GUNpbFoRPh
— Meme Kombat (@Meme_Kombat) January 26, 2024
It’s currently in the final stage of its presale, yet investors can still join by visiting the official Meme Kombat website.
They can buy MK at $0.279 per token, a price which could rise substantially once the token lists, judging by the popularity of its sale.
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Original source: CryptoNews