The Bonk price dropped by as much as 19% overnight, as investors took profits following a bullish period for the meme coin and wider market.
At $0.00002918, BONK is now down by 14.5% in the past 24 hours, yet it remains up by an impressive 36% in the last seven days and by 190% in the last 30.
Given that last night’s dive is a correction in the context of a wider bull market, it’s likely that BONK will recover soon enough.
In fact, an oncoming alt season may help it reach new heights, after the coin reached a new all-time high earlier in the week.
Bonk Price Prediction as BONK Tumbles 19% Overnight – Time to Buy the Dip?
Based on an inspection of BONK’s chart, the coin may need to correct a little further before it returns to growth.
Its relative strength index (purple) has dropped from an overbought 90 a few days to just under 70 today, and it looks like it could fall further.
Source: TradingView
Having said that, BONK’s 30-day average (yellow) has only recently begun rising further beyond its 200-day (blue), indicating that it remains in the middle of a growth spurt.
This view finds support in the coin’s trading volume, which has risen from around $35 million a month ago to $600 million today.
In other words, interest in BONK remains high, and is probably high enough to produce a rebound in the coming days.
Today the price of $BONK has increased by more than 50%!
A SmartMoney accumulated 98B $BONK($1.54M) from #Binance again before the price increased.
He currently holds 319.44B $BONK($7M), with a profit of $2.9M.https://t.co/1oXGa1QlKp pic.twitter.com/TXYw2H07yz
— Lookonchain (@lookonchain) February 29, 2024
As the tweet above shows, whales have been buying BONK again in the past week or so, with the whale mentioned above currently sitting on a trove of some 470 billion BONK.
This would imply that larger, savvier investors still expect the Bonk price to enjoy several more rallies in the near (and perhaps more distant) future.
As such, now would probably be a good time to diversify a little into the meme token, seeing as how it has discounted a little.
And with the wider market likely to return to growth as we approach the next Bitcoin halving, BONK could easily rally again very soon.
It may reached $0.000040 in the next one or two months, before reaching a new all-time high towards the summer, especially if recent Ethereum ETF applications receive approval.
Alternative High-Potential Meme Tokens
While BONK is busy correcting, some traders may opt to buy into newer, smaller cap meme tokens, particularly those with the potential to rally big as they list on exchanges.
For example, Solana- and Ethereum-based meme coin Smog (SMOG) has surged by 56 % in the past 24 hours alone, while it has also gained by over 6,000% since listing on the Jupiter and Birdeye DEX aggregators at the start of February.
Source: Birdeye/TradingView
SMOG’s price history to date has helped it distinguish itself from the recent wave of flash-in-the-pan Solana-based meme coins, with most of such coins pumping and then very quickly dumping.
One of the main reasons why it has such staying power is its bullish airdrop system, which awards a higher number of coins to holders with the biggest pre-existing SMOG holdings.
Such a system has encouraged long-term holding, and given that it will hold a whole series of airdrops over the next few months, it could enjoy some sustained growth.
Also bullish is the fact that holders can stake SMOG, which currently offers a yield of 42% APY.
The #Dragon is about to make a groundbreaking move!
Here’s a hint: #CEX #Crypto #MemeCoinSeason #Solana #Airdrop
— SMOG (@SMOGToken) March 5, 2024
And as a meme token, it’s encouraging to note that Smog already has a strong community, with the coin boasting 35,000 followers on Twitter, for instance.
Investors can buy the token on the official Smog website, or by going to the Jupiter or Birdeye platforms.
As the tweet above indicates, it’s also on the brink of listing on various centralized exchanges, something which could see it rally substantially.
The post Bonk Price Prediction as BONK Tumbles 19% Overnight – Time to Buy the Dip? appeared first on Cryptonews.