Published
4 weeks ago on
May 22, 2024
Table of Contents
- What Is Bonk?
- Bonk Price History
- Bonk Price Prediction
- Why Is Dogeverse The Best Alternative To Bonk?
The Bonk price has risen by 28% in the last 24 hours, pushing its value to $0.00003243, its highest in two months.
This massive uptrend is triggered by the growing excitement around the much-anticipated spot Ethereum exchange-traded fund approval.
As soon as the potential ETH ETF speculation dominated the airspace, the overall crypto market cap went up by about 7% and almost all meme coins, including $BONK, have seen a price surge.
Amidst this lively market rally, BONK’s trading volume soared by 299%, positioning it as one of the top gainers today. Is this bull run here to stay? Could this mean a new paradigm in meme coin hierarchy? This Bonk Price Prediction delves into the factors affecting the token’s potential movements in the coming years.
What Is Bonk?
BONK claims to be the first dog-themed cryptocurrency built on the Solana blockchain for and by the people. Launched on December 25, 2022, BONK is often compared to other memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE).
$BONK started trading on popular crypto exchanges on December 30, 2022 and has driven investor interest since.
Bonk was launched with the goal of producing a fully functional community coin that could be used by all dApps developed on Solana. It also aimed to allow crypto users to join an ecosystem "where everyone gets a fair shot." The team also wanted to restore liquidity to Solana-based DEXs, through Bonk.
POV: you find the Dubai Drone light show pilot pic.twitter.com/uJtD90cwf4
— Bonk! (@bonk_inu) April 20, 2024
While the team behind the project continues to remain anonymous, the official website shares some information on tokenomics, integration details, and the blockchain explorer SolScan. There is no detailed whitepaper available for the project so far, so its roadmap and future plans remain unknown. The project also keeps its online presence minimal, restricted only to a Twitter account.
A brief look at the tokenomics structure reveals that nearly half of the total supply has been allocated to those who maintain the Solana blockchain and work towards community development.
$BONK was airdropped to Solana NFT collectors, developers, and artists at random, though further details remain unknown. Orca, a DEX built on the Solana blockchain, claims the airdrop generated a trading volume of about $20 million.
Bonk Price History
$BONK was launched in December 2022 with a starting token price of $0.0000001487. It showed only a gradual growth over the next ten months before its price started surging from November 2023 onwards.
The Solana-based meme coin reached its all-time high in March 2024, with a peak price of $0.000045. However, it could not sustain the momentum for long as it traded below the $0.000030 level between April to mid-May.
Nonetheless, over the last year, $BONK has recorded a massive 7396% increase in price. With its impressive performance on the price charts in the past few days, Bonk might be close to hitting a new all-time high.
Bonk Price Prediction
Bonk has hit the ground running after it breached the $0.00003 resistance level, showcasing that the token is on a positive cycle. Two factors have contributed to its recent rally - the bullish sentiment in the broader market caused by the imminent ETH ETF approval and investors’ increasing appetite for the token.
Presently, Bonk’s Relative Strength Index (RSI) shows that it is nearing the “overbought” territory. The RSI is a tool that analyzes the extent of changes in price to show whether a token is in overbought or oversold conditions.
With the 14-day RSI of Bonk at 66.18 and its Fear and Greed Index above 70, there's no doubt that investors are betting on a price rise. However, from a technical perspective, Bonk may encounter some resistance if it enters the overbought zone as traders see that as a signal to sell. When this happens, the token’s price will likely witness a correction.
Therefore, investors might be better off shifting some capital to Dogeverse, a multi-chain meme coin with an attractive investment appeal.
Why Is Dogeverse The Best Alternative To Bonk?
Renowned as the world’s first traveling doge, Dogeverse has positioned itself as one of the most credible alternatives to Bonk, thanks to its chain-hopping "Cosmo" Doge mascot.
Using bridge technologies, the platform enables network traversing between six leading blockchains - Ethereum, BNB Chain, Polygon, Solana, Avalanche, and Base. This simply means investors can engage with the Dogeverse ecosystem from their favorite chain without losing full control of their tokens.
Another feather in Dogeverse’s cap is its standard staking mechanism, which is now available on all supported chains. Not less than 10% of the token’s total supply has already been allocated to staking rewards so that early movers can maximize their investments.
As the meme coin mania continues to cause waves, popular YouTuber, Jacob Bury says Dogeverse offers an attractive investment opportunity for those seeking to increase their bags.
At press time, Dogeverse is in the final lap of its presale, having gathered over $15 million from early movers. Hence, there’s still a last chance to buy before it sees its first multiple listings.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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