The meme coin BONK has soared by over 100% this week, achieving a new all-time high (ATH) and igniting conversations among investors about its potential and the likelihood of a broader altcoin season.
BONK Price Action: A New Meme Coin Leader
BONK’s price surge has outpaced Dogwifhat, making it Solana’s leading meme coin. While Dogwifhat gained 15% this week, BONK more than doubled its value. This is significant, especially given Dogwifhat’s recent listing on Coinbase.
This shift underscores the impact of “unit bias,” where newer investors favor coins with lower per-unit prices. BONK’s large circulating supply and comparatively lower price make it an attractive option for newcomers.
Additionally, BONK’s trading volume has surpassed its competitors, reflecting strong market interest and signaling the potential for continued price growth.
BONK Price Predictions and Market Outlook
Analysts are optimistic about BONK’s trajectory. Crypto analyst Dami-Defi predicts a short-term target of $0.00014, citing a weekly candle close above previous highs as a bullish indicator.
“$BONK hit our first target 🎯! +150% so far. This weekly candle is absolutely crucial. $BONK will most likely close above this long-term resistance. This is hella bullish and will send it flying.” – Dami-Defi, November 17, 2024
Trader Zer0 offers a more ambitious long-term forecast, projecting BONK to reach a $30 billion market cap in this cycle—roughly eight times its current valuation. Zer0’s projection hinges on BONK’s impressive performance and high trading volumes.
While Dami-Defi’s target might be achieved by early 2025, Zer0’s market cap estimate suggests a potential peak for this cycle.
Is an Altcoin Season Approaching?
The resurgence of BONK and other meme coins has reignited speculation about an altcoin season. Historically, altcoin seasons occur when Bitcoin’s dominance falls significantly over a span of two to four months.
The last altcoin season (2020-2021) was driven by Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs), while earlier cycles were influenced by ICOs. Although Bitcoin dominance briefly dropped from a 1,300-day high in November, meme coins remain the focal point of the altcoin market.
A report from Hashkey Capital, “Why We Are Bullish on Altcoins,” suggests that sectors like Real World Assets (RWA) and Decentralized Physical Infrastructure Networks (DePIN) could play a major role in the next altcoin season.
Jupiter Zheng, Research Director at Hashkey Capital, emphasized the growing institutional interest in RWAs, citing examples like Mantra’s $500 million real estate tokenization project and BlackRock’s BUIDL fund. Conversely, the DePIN sector is maturing, requiring projects to demonstrate tangible utility.
Pepe Unchained: A Rising Star in the Meme Coin Space
Another emerging meme coin, Pepe Unchained, is gaining traction with its innovative Ethereum layer 2 blockchain. This Pepe-themed network aims to reduce transaction costs and enhance speeds while fostering a meme-centric ecosystem.
The project’s presale has already raised $35 million, highlighting strong investor interest. Pepe Chain will offer features like a streamlined meme coin generator, staking, decentralized exchange, and Ethereum bridging.
This surge of activity in meme coins, combined with BONK’s outstanding performance and innovative projects like Pepe Unchained, underscores the growing interest in the altcoin market and hints at the possibility of a new altcoin season on the horizon.
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