Bonk Price Prediction as Accumulation Continues at $$0.000013 – Rally Incoming?
The Bonk price has dipped by a very slight 0.3% in the past 24 hours, moving to $0.00001399 as the wider crypto market holds its position today.
BONK has dropped by 6% in a week and is up by 3% in a fortnight, yet the meme token has also fallen by a more substantial 26% in the last 30 days.
On the other hand, it remains up by an impressive 955% in a year, making it one of the most high-performing tokens in the top 100 over this period.
And this momentum could continue over the coming weeks, particularly when whales continue to accumulate the coin.
Bonk Price Prediction as Accumulation Continues at $$0.000013 – Rally Incoming?
As with most other coins right now, BONK’s indicators are currently in an indeterminate position, halfway between possible recovery and further losses.
Its relative strength index (purple) is particularly symptomatic of this, hovering at the 50 level, which indicates neither overbuying nor overselling and which could see either gains or losses.
Source: TradingView
A little more positively, BONK’s 30-day average (yellow) does continue to rise and remain well above its 200-day (blue), while its price is beyond both averages.
This suggests that the coin remains in an expansionary phase, and the more gains could be coming soon.
It’s also encouraging that the coin has bounced off its support level (green) in recent days, something which may imply that it has fallen as far as it’s likely to fall in the near term.
However, its trading volume does remain pretty low at $100 million, down from $500 million at the start of the month.
This would imply a loss of interest, yet it’s clear that some whales continue to accumulate the token.
The trader currently holds 189.67B $BONK($2.37M).
Address:https://t.co/a8AUcaL36F
— Lookonchain (@lookonchain) January 9, 2024
In fact, the whale documented above still appears to be sitting on their little trove of BONK, hinting that they expect a rally soon.
We may have to wait a little while longer for such a rally, given that the market still appears to be suffering from a post-Bitcoin ETF approval hangover.
Nonetheless, data suggests that volumes for the accepted ETFs are growing healthily, a fact which points towards a gradual rise in volumes and demand for cryptocurrencies across the board.
This includes Bonk, with the BONK price likely to reach $0.000020 in the next couple of months.
Alternative High-Potential Meme Tokens
BONK isn’t the only promising meme token, however, with a variety of newer coins looking no less likely to rally substantially in the near future.
While the selection is healthily wide, one of the coins with the highest potential right now is arguably Sponge (SPONGE), an ERC-20 token that first listed – and rallied hard – in April 2023.
With a Twitter follower count of 29,000, SPONGE is already well-established as a meme coin, yet it has begun the process of launching the second version of its token, which will replace its current version.
It’s doing this as part of a revamp of its staking model, while SPONGE V2 will also be the native token for an up-and-coming play-to-earn game.
Great news, #Spongers!
There are now over 5,185,179,255 $SPONGE tokens staked with a value of $4,329,883.63!
Plus, our holders are enjoying an impressive current APY of +300%!
Join us and absorb the damp. #SpongeV2 #Crypto #Web3 #Alts pic.twitter.com/MBvB3O2Ht3
— $SPONGE (@spongeoneth) January 17, 2024
Holders of SPONGE V1 can claim the new version by heading over to the official Sponge website and staking their older tokens, although investors can also buy the new coin outright via the same website.
Once claimed, holders will have their Sponge V2 staked, with the latest count showing more than 5.1 billion SPONGE V2 is now locked up, earning an APY of around 300%.
Given the attracting of such yields, it’s likely that the vast bulk of SPONGE V2’s supply will remain out of circulation, something which could boost its price considerably.
As such, it may be on course to emulate or even surpass the impressive rallies Sponge witnessed in April, when it first listed.
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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