Bonk Price Prediction as BONK Skyrockets, Outperforming Dogecoin – Is BONK the New DOGE?
The Bonk price has dropped to $0.00001525 today, marking a 3% loss as the market also suffers a corrective dip in the past 24 hours.
However, this dip has done little to reverse the very impressive gains BONK has made in recent days, with the meme coin actually up by 37.5% in the past week.
It’s also up 50% in the last 30 days and by 1,400% in the past year, making it one of the best-performing top-100 coins of 2023.
And with its momentum remaining strong, it’s likely to continue seeing gains in the next few weeks, and to continue outperforming over meme coins.
Bonk Price Prediction as BONK Skyrockets, Outperforming Dogecoin – Is BONK the New DOGE?
BONK’s chart and indicators show an increase in momentum in the past couple of days, yet also leave plenty of room for further gains in the short- and medium-term.
Its 30-day average (yellow) has begun climbing again after hitting a trough in the previous week, with its climb further beyond the 200-day average (blue) suggesting that Bonk remains firmly within a growth phase.
Source: TradingChart
At the same time, the altcoin’s RSI (purple) had neared 60 in the past couple of days, although it’s struggling a little now, meaning hat it’s not entirely clear whether more gains are coming or more losses.
Still, it’s worth noting that Bonk’s support level (green) has protected the token from serious dips over the past week or so, so any falls today are likely to be contained.
BONK’s trading volume also remains elevated in comparison to recent weeks, at just over $300 million, compared to only $100 million at the start of 2024.
This suggests that whales remain interested in the token, with recent data highlighting some big buys from larger traders in recent weeks.
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
As such, BONK could easily continue rising in the next few weeks, especially with the market becoming more bullish in the wake of the SEC’s approval of several Bitcoin ETFs.
BONK has also benefitted from the wider growth of Solana and its ecosystem, with the SOL-based meme token seemingly gaining more usage as a result of its usability within various Solana-based apps and platforms.
The Bonk price could therefore rise to $0.000020 in the next few weeks, before reaching $0.000030 by the middle of the year.
Market-Beating Gains with New Meme Coins
The only issue with BONK is that, given it already made astronomical gains over the past 12 months, it may see only relatively more modest returns from here on out.
Fortunately, there are a number of very strong new coins in the market right now, with one of the most promising being Sponge (SPONGE), an ERC-20 token that first listed in April 2023, rallying by over 150%.
It’s currently preparing for the launch of the second version of its coin, replacing the first version and also coming with a new staking model.
On top of this, it will also be the exclusive native token for an up-and-coming play-to-earn game, in which players can compete against each to rank highest on a global leaderboard.
Daily Staking Update!
Today, a staggering 4,705,172,778 $SPONGE tokens are staked, with a total value of $3,944,150.86!
Plus, our holders are enjoying an impressive 343% APY.
Don’t miss out on these remarkable rewards! #AltSeason #SpongeV2 #Crypto pic.twitter.com/b4i7vD0uTY
— $SPONGE (@spongeoneth) January 12, 2024
The announcement of Sponge V2 led to a rush among holders of V1 to stake their older tokens and claim the newer counterparts, with around 4.7 billion SPONGE currently staked.
Perhaps more impressively, stakers of the token are on course to earn a maximum 343% APY, depending on how long they keep their tokens locked up.
This shows how popular Sponge already is, with existing holders of Sponge V1 able to claim version two by heading over to the official Sponge website and staking their tokens.
And even investors who don’t hold any Sponge V1 can go to this website and simply buy Sponge V2 outright, putting themselves in line to make some potentially high gains once the newer token lists in the next couple of months.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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