Bonk’s price dropped to $0.00002108 today, marking a 6% decline over the last 24 hours and a 16% fall in the past week. This decline aligns with the broader cryptocurrency market, which lost 3% in a single day due to uncertainty surrounding the Middle East, the US election, and the global economy.
Bonk’s Medium- and Long-Term Performance
Despite these recent drops, Bonk’s medium- and long-term performance remains strong. The meme coin, currently ranked 61st by market cap, rose by 27% in the last month and skyrocketed by over 9,000% in a year.
Even with today’s selloff, Bonk’s trading volume remains high, around $500 million, signaling strong demand.
Price Analysis: High Trading Volume Supports BONK
At the moment, Bonk is on a downward path and may decline further before a potential recovery. Its relative strength index (RSI) dropped from over 70 to around 40, suggesting more room for decline before reaching oversold levels.
Additionally, Bonk’s 30-period average fell below the 200-period average, forming a ‘death cross,’ a pattern that typically indicates a market downturn. However, the high trading volume could mean the decline might be brief, as demand continues to pick up during the selloff.
Bonk Whale Activity Shows Confidence
Recent weeks saw no large Bonk transfers, but a major whale holds 2.41 trillion BONK, valued at around $50 million. This holding represents 2.5% of the total supply. The whale’s decision to hold through price fluctuations suggests confidence in Bonk’s long-term potential.
Positive Outlook for Bonk’s Future
Bonk has the potential for significant gains in the future. As a Solana-based token, it ranks among the top-performing cryptocurrencies this year. Predictions indicate that Bonk could reach $0.00010200 by 2025, a 380% rise from its current price. While this forecast is optimistic, the market’s recent signs of recovery, following the Fed’s rate cuts, could boost Bonk’s performance. With Bonk’s popularity among meme coins, it may ride any positive market wave.
New Presale Tokens with Strong Potential
While Bonk shows promise, it isn’t the only meme coin expected to outperform the market. New presale tokens are also gaining traction. One of the most successful is Pepe Unchained (PEPU), a layer-two project that has raised $18 million so far.
Pepe Unchained’s Growing Popularity
Pepe Unchained is building an L2 network for Ethereum to offer faster transactions with lower fees. The network will provide an instant bridge to Ethereum and double staking rewards compared to standard Ethereum-based tokens. With a max supply of 8 billion PEPU tokens, 30% goes to staking and 20% to the presale.
Pepe Unchained’s community continues to grow, with over 38,000 followers on its official X account. The presale price of PEPU is $0.00994, but this is set to rise as the sale continues. Given its popularity, the price could surge once PEPU starts trading on major platforms.
The post Bonk Price Analysis: $500M Volume Pushes BONK Toward $1 — Is a 10x Rally on the Horizon? appeared first on Cryptonews.
