Bonk has suffered a 9% fall today, with the BONK price dropping to $0.00001162 as the crypto market falls by 1% in the past 24 hours.
Today’s drop appears to bring to a close a relatively profitable period for the meme coin, which is now also down by 13% in the last seven days.
It appears that it has declined as a result of traders taking profits following its recent gains, with the token still up by 17% in a fortnight and by 7.5% in the last 30 days.
And with some whales still holding onto their stashes of BONK, the meme coin could easily see a quick recovery in the coming weeks.
Bonk Price Prediction as BONK Sinks 9% in 24 Hours – What’s Going On?
Like much of the market right now, BONK has lost a considerable amount of momentum in the past few days, as reflected by its indicators.
Its RSI (purple) has stumbled below 50 today, and looks like it could continue falling for a while yet, dragging the coin’s price down with it.
Source: TradingView
Similarly, BONK’s 30-day average (yellow) is struggling to regain momentum, and given that its price has actually fallen below the 30-day, the latter is likely to drop further.
This implies that BONK is entering a corrective phase, with traders likely to take further profits and stop further losses over the reset of this week.
And as with many other coins right now, BONK’s falling price is about to test its support level (green), with a drop below the latter likely to precipitate additional drops.
What’s particularly concerning with BONK is that, even after rising a little this month, its 24-hour trading volume still remains unhealthily low.
It current stands at about $85 million, down from $1.6 billion in December.
In other words, BONK is suffering from some very low liquidity, making it more vulnerable to sudden drops.
This helps to explain why it has out-fallen the market average today, with a few larger holders likely driving the decline.
Revolut plans to list @bonk_inu.
Let’s deep in dive @RevolutApp x @bonk_inu
The BONK price has seen remarkable growth these last months: +19000% since Nov 1st.
The approval process for the campaign still hinges on a vote by the BONK governing council, with six out of 12… pic.twitter.com/gu723ESYwY
— Banshee (@banshee7l) February 19, 2024
Yet not every BONK whale has dumped the coin, with a holder of 314.8 billion BONK still sitting on their trove.
This would suggest the expectation of future gains, and with the market likely to rise overall as we approach the next Bitcoin halving, BONK could rally again soon enough.
It could potentially reach $0.000020 by the summer, helped along by a mooted Revolut listing.
Alternative Alts with Strong Rally Potential
Traders worried about where BONK may go next may be tempted to turn to newer meme coins already, especially those on course to list on new exchanges.
One of the hottest such coins at the moment is Sponge (SPONGE), an ERC-20 cryptocurrency that recently launched the second version of its popular SpongeBob-themed token.
It has risen by more than 150% since listing on Uniswap a few weeks ago, with its price set to rise even higher in the event of new listings.
Source: DEXTools/TradingView
One of the main rationales for SPONGE V2’s introduction is that it brings a revamped staking model, which offers a minimum yield of 40% APY.
This rate can enter triple figures depending on how many holders are staking, and because of its greater generosity, it will likely incentivize more staking.
In turn, this will take more SPONGE out of circulation, thereby boosting its price over time.
Also boosting its price is the fact that it’s the native token of an upcoming P2E racing game, which should launch in the next few months.
Its status as the game’s native token provides it with real utility, with gamers able to compete against each other to see who can rank the highest on a global leaderboard.
Don’t forget about the upcoming #SpongeV2 Play-to-Earn game!
Stay tuned for updates. $SPONGE #Crypto #Altcoins #100x #Web3 #AltSeason #Binance pic.twitter.com/Z51MSmKqVF
— $SPONGE (@spongeoneth) February 21, 2024
Now is an ideal time to invest in SPONGE, given that it stands on the brink of further exchange listings (not to mention the game’s launch).
Investors can buy the token on Uniswap, or by going to the official Sponge website.
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