BONK

BONK reclaims top Solana meme coin spot, dethrones PENGU

Published

3 days ago

December 28, 2024

Bonk has retaken its position as Solana’s leading meme coin, reaching a market capitalization of $2.5 billion.

The recent surge was after a community-driven token burn and price increase. Bonk’s (BONK) price of $0.00000328 marks a 3.9% rise over the past 24 hours and a 4.9% increase over the week.

BONK reclaims top Solana meme coin spot, dethrones PENGU - 1 — 24H BONK price chart

Meanwhile, PENGU trades at $0.03568 with a market cap of $2.27 billion, moving to second place among Solana meme coins.

The “Burnmas” initiative has helped drive BONK’s price movement upward. Through this effort, the BONK DAO burned 1.69 trillion BONK tokens from its multisig wallet.

This has brought the total supply of the Solana (SOL)-based meme coin down from 100 trillion to 91 trillion tokens. This reduction in supply has sparked new buyer interest in the market.

Pudgy Penguins NFT collection shows mixed performance

The Pudgy Penguins ecosystem tells a tale of two markets. While the PENGU token faces pressure, the Pudgy Penguins NFT collection’s floor price data shows strong growth over multiple periods.

The collection has gained 31% in the past week, with even larger increases of 84.2% and 159.5% over 30-day and 60-day timeframes. Year-long performance stands at 110.5%.

BONK reclaims top Solana meme coin spot, dethrones PENGU - 2 — Source: Cryptoslam

Trading activity for Pudgy Penguins NFTs has slowed. CryptoSlam reports a 78.2% drop in sales volume over the past week, with transactions reaching $11.86 million.

Market activity has cooled, as reflected in the numbers: only 117 buyers and 107 sellers remained active, marking decreases of 69.92% and 74.09%.

PENGU’s price charts show price swings since its launch. After hitting $0.06845 on Dec. 17, the token fell by 47.8%. While it sits 213.3% above its all-time low of $0.01141 from the same day, the price continues to move in wide ranges.

BONK reclaims top Solana meme coin spot, dethrones PENGU - 3 — 7D PENGU price chart

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Analyst

Crypto Analyst Says Solana-Based BONK Is In Prime Position For Legendary Rally

Published

3 months ago

October 3, 2024

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Este artículo también está disponible en español.

Lately, top meme based cryptocurrencies like Shiba Inu (SHIB) and Pepe (PEPE) have been witnessing a spike in their prices. This bullish trend appears to have extended to Solana based meme coin Bonk (BONK), as its price movements has been showing signs of an impending bullish surge. With respect to this, a crypto analyst has suggested that Bonk is currently well-positioned for a significant upward movement.

Analyst Predicts Legendary Target At $0.000033

Bluntz, a prominent crypto trader and analyst has revealed the next bullish target for Bonk. In an X (formerly Twitter) post on September 30, Bluntz revealed that Bonk is currently in a prime position for a”turbo green week.”

He disclosed that the meme coin had experienced a quick and minor price dip during the week. However, the analyst sees this price decline as a positive sign, suggesting that it creates an opportunity for Bonk to enter a significantly bullish position, potentially triggering a legendary rally.

Sharing a chart depicting Bonk’s price movements from the past month, Bluntz indicated in his price chart that the meme coin could experience an accelerated price increase to new highs. Presenting an illustration of his predictions of Bonk’s future price movements, the analyst disclosed that the meme coin would rise between the range of $0.000028 and $0.000027 before falling to the support level between $0.000026 and $0.000025.

After this, Bonk is expected to skyrocket to $0.00003, before dropping back to $0.000028. For his final price surge in his projected turbo green week, Bluntz revealed that Bonk will reach a new price high of $0.000033. The analyst also revealed that for Bonk to experience a bullish price breakout, the meme coin will have to undergo three days of essential sideways trading.

Presently the price of Bonk is trading at $0.00002, reflecting a slight increase of 3.86% in the past week. A jump to projected highs at $0.000033 would require the meme coin to rise by approximately 65% from its current price.

BONK Set To Outperform PEPE

While maintaining an optimistic outlook on Bonk’s price, Bluntz disclosed that the meme coin may be taking out the meme coin leadership from Pepe. This suggests that as Bonk is gaining more momentum, Pepe’s performance is slowing down after experiencing a significant price increase.

The analyst has identified a “higher low” on the BONK/PEPE chart, which indicates that Bonk is positioning itself for a stronger price rally than Pepe. Typically, a higher low occurs when the price of a cryptocurrency pulls back but maintains its value above its previous low level, signaling a potential continuation of an uptrend.

In the case of Bonk, Bluntz has revealed that it is currently among top meme coins like Dogwifhat (WIF), and Pepe which are presently showing signs of a strong bullish development. Despite this analysis, the cryptocurrency has declined by over 10% in the past 24 hours.