Bonk is one of the most famous of the Solana meme coins that have taken the market by storm lately. While Bonk has been flat for most of 2024 so far, it seems to be making a comeback. In the last 24 hours, Bonk is up by 21% to trade at $0.00001316.
Bonk describes itself as the pioneer dog-themed meme coin on the Solana blockchain. Unlike most meme coins where the founding team controls most of the token, Bonk took a different approach, choosing to give most of the coins to the community. When it first launched, Bonk airdropped 50% of the total tokens to the community.
Advertisement
Bonk Rewards Excite The Market
While the community-driven nature of Bonk was part of the reason it rallied back in 2023, the current rally is driven by this, and several other reasons. The biggest one is the introduction of Bonk rewards through Armada Finance. Investors will be able to lock their Bonk tokens and earn rewards from products built by the Bonk community. Not only is this drawing in investors seeking passive income to Bonk, but the products being built will help drive up the value of Bonk tokens over time.
SUPER BOWL TIME IN 2 DAYS!
Get some skin in the game with BONKsquares, hosted by @FamousFoxFedhttps://t.co/Pfw0lgdsRW pic.twitter.com/NPDDjywyJt
— Bonk! (@bonk_inu) February 9, 2024
BonkSquares During The SuperBowl
Bonk is also reinvigorating its marketing with a focus on the upcoming Superbowl. On the day of the Superbowl, Bonk will be holding BONKSquares that will be hosted by The Famous Fox Federation. This is a big deal as Fox Fed is one of the most popular NFT collections in the Solana ecosystem. As such, BonkSquare could help sustain the hype that has started around this top-rated meme coin.
Introducing BONKrewards by @ArmadaFi
Lock your BONK to earn rewards from Community built BONK Eco products like BonkBot, SVB, and BONKswap.
Success of participating BONK Ecosystem Products = more rewards for users who Lock their BONK, with boosted rewards from the pool for… pic.twitter.com/ltQPMY4wTD
— Bonk! (@bonk_inu) February 10, 2024
Bonk has also benefited from the ongoing pump across the crypto market. With Bitcoin crossing the $47k mark, altcoins have regained momentum. Bonk being one of the most accessible meme coins is taking up a sizeable chunk of the volumes flowing into meme coins. Bonks is available on Binance, and most of the other top cryptocurrency exchanges.
In the section below, we take a look at Bonk’s price potential now that Bitcoin has placed the cryptocurrency market firmly on bullish territory.
BONK Crypto Price Prediction
When going to press, Bonk was trading at $0.00001279, up by 15.70%. Volumes were up by 367% to stand at $312 million, signifying rising investor interest in the token.
After a crash towards the end of 2023, Bonk found support at $0.00001005 at the beginning of the year. It has been bouncing off this support level for weeks, and the past week is no exception. In the last 7-days, Bonk has seen a substantial price rally that saw it bounce off the $0.00001005 support with high volumes.
However, despite the high buying volumes, Bonk is not out of the woods yet. For a clear uptrend to be confirmed, BONK needs to break the high of $0.00001803 that it made in early January, which is now resistance. If the $0.00001803 resistance is broken, Bonk could easily test its 2023 highs of $0.00004 in coming days.
However, if Bonk’s buying volumes stall, two scenarios could play out. The first one is a BONK consolidation between $0.00001005 support and the $0.00001803 resistance.
The other scenario would be Bonk crashing through the $0.00001005 support. In such a case, Bonk could easily end up making new lows that it has not yet seen since it was launched.
BONK Price Prediction: Why Bulls Are Set To Win
While there is always the risk of a price collapse, the case for a continuation of the current Bonk price rally is stronger. That’s because the broader cryptocurrency market is bullish and that means investors are scouting for altcoins that can outperform Bitcoin. Being one of the meme coins that have been around for a while, BONK has built some level of credibility and could see more buyers coming in.
Then there is the fact that Bonk is available on mainstream centralized exchanges like Binance. A lot of time investors shy away from meme coins because they are available on untrustworthy exchanges. Other times, the tokens are not available on CEXs at all, and investors have to endure the hustle of buying through DEXs. This alone gives Bonk an edge over other high potential meme coins in an all-out bull market.
DISCLAIMER: The educational contents on our website is offered in good faith and for general information purposes only. crypto2community.com prioritizes providing high-quality information, taking the time to research and create informative content for users. The opinions expressed in this page are for informational purposes only. Any action taken by the reader based on this information is strictly at their own risk.
Advertisement
