Bonk Price Forecast As Renewed Buying Interest Develops In Bullish Pattern – Is $0.00002 The Next Target?

Last updated:

January 15, 2024 6:31 AM EST
| 3 min read

The Bonk price fell 5% today to $0.00001401 as the cryptocurrency market as a whole lost 0.5% in the last 24 hours.

Still, BONK has remained up an impressive 40% over the past week, with the meme token witnessing a 0.7% gain in the past hour alone, as it begins to recover.

Such a rise is likely to continue in the coming days, with its indicators showing some signs of an incoming bounce.

And with crypto possibly on track to see a full-fledged bull market this year, BONK could easily hit $0.00002 in the not-too-distant future.

Bonk Price Forecast As Renewed Buying Interest Develops In Bullish Pattern – Is $0.00002 The Next Target?

As with many other coins at the moment, BONK’s indicators are in a middle-of-the-road position, having declined in recent weeks, but may be poised to recover soon enough.

For example, the coin’s 30-day moving average (yellow) started to rise modestly after falling a bit last week, a sign of regaining strength.

Meanwhile, BONK’s RSI has flattened to 50, a level that could see it make more rallies in the near future.

While BONK is indeed up 0.7% in the past hour, it should be noted that its 24-hour trading volume remains low relative to where it was a week ago.

It currently stands at $130 million, up from $500 million last week and a healthier $1.6 billion in mid-December.

So it is arguable that this decrease in volume indicates a loss of interest in BONK from larger traders, although last week saw a significant build-up.

This smart trader who made ~$6.9M on $BONK spent 386 $SOL($40K) to buy another 3.29B $BONK today!

He accumulated 371.4B $BONK in 9 months at a cost of only 6,998 $SOL($276K) and sold half of the $BONK during the $BONK boom for 50,139 $SOL($5.2M).https: //t.co/ pOFRD2ndI8 pic.twitter.com/lkgGm13G0e

— Lookonchain (@lookonchain) January 9, 2024

As such, BONK remains likely to see further rallies once the current post-ETF approval slump plays itself out, with the meme token remaining a popular vehicle for comebacks.

And while BONK itself has no real utility or fundamentals, its relative newness compared to more established meme coins puts it in a position to continue to profit disproportionately from market-wide rallies.

Besides last week’s ETF approvals, the market is also looking forward to the next Bitcoin halving, which will take place in April.

This event could certainly increase bullishness in the coming months, with the BONK price – which as a SOL-based coin benefits from Solana’s growth – likely to see significant gains.

It could reach $0.00002 in the next few weeks, before reaching $0.00003 by the middle of the year.

Market gains with new meme coins

As we’ve noted before, one problem with BONK is that it’s entirely arguable that its best days and gains are behind it, so it can only deliver more modest returns going forward.

If so, traders can increase their exposure to higher returns by diversifying into one of a number of very strong new coins currently in the market.

One of the biggest and most interesting of these is Sponge (SPONGE)An ERC-20 token first listed in April 2023, when it more than doubled in price.

Now that it has successfully listed and established itself as a major meme coin, it has begun the process of launching its coin’s second version, which will replace its current version.

This second version – SPONGE V2 – will come with a more rewarding game model, while also being the exclusive native token for an upcoming play-to-earn game.

🚀 Sponge V1 was a huge hit, and V2 is going to rise even higher!

Now insert $SPONGE to absorb the dampness.

Missed Q1? Don’t miss V2! 🔥🧽#SpongeV2 #Crypto #Alts pic.twitter.com/snPjpOOFh6

— $SPONGE (@spongoneth) January 15, 2024

This P2E game will allow its players to compete with each other to achieve the highest position on a global leaderboard, with the most successful players receiving SPONGE V2 as a reward.

Holders of SPONG V2 will also enter the can token, with those who currently played SPONGE V2 – and will therefore receive V2 in return – now having a maximum of 343% APY, depending on how long they keep their tokens locked.

Holders of the coin’s first version can claim the new tokens by checking the official Sponge website and stake their tokens, while those who do not own any SPONGE can also purchase the new token.

Buy Sponge V2 Here Disclaimer: Crypto is a high risk asset class. This article is provided for informational purposes and is not investment advice. You can lose all your capital.