Here is the news article: Bonk Drops 9% But Remains An Interesting Meme Altcoin Play

Table of Contents

• Price dips as market falls but gains remain impressive
• Meme Kombat raises $7 million for meme betting platform

Price dips as market falls but gains remain impressive

Bonk’s price has dropped to $0.00001269 today, with the Bonk token suffering a 9% loss as the crypto market falls by 1% in the past 24 hours. However, the coin has recovered 30% since hitting a one-month low of $0.00000973 on January 8, showing an impressive 900% increase in price over the past year.

The recent drop indicates that Bonk’s Relative Strength Index (RSI) has dropped below the neutral 50 level, suggesting a potential shift toward selling pressure. The 30-day average price has also flattened, which could indicate a decline towards the 200-day average support level near $0.0000120.

This means that there’s still some interest in Bonk, with one particular whale still holding approx. 236.28 billion BONK at the moment. While trading volumes have declined, they remain above the $20 – $30 million levels seen in November.

“This smart trader who made ~$6.9M on $BONK spent 386 $SOL($40K) to buy 3.29B $BONK again today!” according to one tweet.

If the current support level holds, Bonk may consolidate gains from its December 8th low. Longer term, the coin’s potential as a viral meme token could see prices reach $0.00002 in the next few months and possibly $0.00004 in the latter half of 2024.

Meme Kombat raises $7 million for meme betting platform

In related meme coin news, Meme Kombat – an Ethereum-based betting platform that allows users to stake tokens and bet on AI-generated meme battles – has raised $7 million in its presale, aiming for a $10 million goal. MK tokens are currently priced at $0.279 each.

While Bonk and other meme coins offer higher risk/reward propositions, investors should proceed with caution as cryptocurrency investment remains a volatile and high-risk endeavor.

For now, Bonk remains an interesting meme altcoin play with potential for further gains – if investors can stomach the inherent volatility.

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Bonk Drops 9% But Remains An Interesting Meme Altcoin Play appeared first on Althalla.