BONK
BONK Up 30% As Robinhood Listing Speculations Gain Traction
Published
3 months agoon
By
adminThe crypto world is always buzzing, and this week, it’s the Shiba Inu-inspired BONK, built on the Solana blockchain, making the headlines. Its price has experienced a remarkable jump, exceeding 30% in just the past week, fueled by whispers of potential listings on two major platforms: Revolut and Robinhood.
The Spark That Ignited The Frenzy
Rumors emerged suggesting BONK could soon become available to Revolut’s staggering 38 million user base. The speculation didn’t stop there, with talk of a “Learn and Earn” campaign potentially adding another half a million to the BONK community.
BONK price action. Source: Coingecko
Robinhood Whispers Stir The Pot
Robinhood, synonymous with the meme stock frenzy of 2021, is known for its ability to bring lesser-known assets to the forefront. The mere possibility of BONK finding a home on its platform sent the price hurtling upwards.
Screenshot of BONK’s Learn and Earn Campaign with Revolut. Source: Realms
Barking At The Moon Or Running With The Pack
Before you grab your leash and join the BONK bonanza, remember this: these are just rumors. Neither Revolut nor Robinhood has confirmed anything, and diving headfirst into unconfirmed news is never a sound investment strategy.
Additionally, memecoins are notorious for their wild price swings. BONK itself experienced a meteoric rise of 4,424% in 2023, followed by a sharp correction. While the potential upside is tempting, be prepared for some serious volatility.
BONK currently trading at $0.0000141 on the daily chart: TradingView.com
Digging Deeper Into BONK’s Territory
It’s crucial to remember that BONK isn’t just a meme coin riding a rumor wave. It has carved its own niche within the Solana ecosystem. Major exchanges like Binance and Coinbase already offer BONK trading, and it even played a role as an incentive within the Solana Saga smartphone project. This suggests that BONK isn’t simply a flash in the pan, but a project with some established groundwork.
Investment Considerations: Weighing The Risks And Rewards
The potential impact of major platform listings is undeniable. Increased accessibility could significantly boost BONK’s adoption and potentially positively impact the broader Solana ecosystem. However, the lack of confirmation surrounding the rumors and the inherent volatility of meme coins necessitate a cautious approach. Before investing, thorough research and a clear understanding of the risks involved are paramount.
BONK’s recent price surge serves as a reminder of the fast-paced and ever-evolving nature of the crypto world. While the unconfirmed rumors offer a glimpse of potential opportunities, investors need to proceed with caution, remembering that the path to crypto riches is seldom straightforward. Whether BONK will truly “bark its way” to mainstream adoption or retreat to the shadows remains to be seen.
Featured image from Adobe Stock, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Altcoins
Trader Calls Memecoin One of Strongest Altcoins, Updates Outlook on Dogecoin and Three Other Crypto Assets
Published
2 weeks agoon
May 7, 2024By
adminA widely followed crypto strategist says one Dogecoin (DOGE) challenger is way ahead of its fellow altcoins.
Pseudonymous analyst Cred tells his 624,100 followers on the social media platform X that he’s bullish on the frog-themed memecoin Pepe (PEPE).
According to the crypto strategist, PEPE is leading the altcoin pack in terms of market structure as the memecoin moves close to its all-time high even after last month’s marketwide correction.
“PEPE: one of the strongest alts, ahead of several of the others by virtue of breaking its range high (vs. Bonk and Doge, which are still technically testing their respective resistances).”
At time of writing, PEPE is $0.00000865, less than 20% away from its all-time high of $0.0000106.
Looking at Dogecoin, Cred says that DOGE will likely lose steam if it retests its immediate support at $0.147.
“One of those instances where reaching the best support would make the chart look quite ugly, so options are to hope for low time frame/shallow pullbacks, or breakout chase.”
At time of writing, DOGE is worth $0.162, very close to the analyst’s next breakout level.
As for fellow memecoin Bonk (BONK), Cred says the altcoin looks bullish as long as it trades above its range midpoint at $0.000025.
“Strong off the lows, at local range high. Shallow pullback and/or breakout punts preferable. Retracing the reclaim back to the range low would be a tough look.”
At time of writing, BONK is trading at $0.0000262.
The last coin on the trader’s list is dogwifhat (WIF). According to the analyst, WIF is in the midst of a new uptrend with invalidation below $3.
“Assuming one-day close doesn’t get stuffed, this move would signify a daily time frame higher high + move back into the former range.
Same area would act as line in the sand for bias i.e. sub $3.”
At time of writing, WIF is worth $3.37.
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BONK
Solana Memecoins WIF, Bonk Surge By Double Digits: Here’s Why
Published
3 weeks agoon
April 24, 2024By
adminTwo Solana-based memecoins, Bonk (BONK) and Dogwifhat (WIF), have registered substantial gains over the past 24 hours. BONK recorded a 35% increase, while WIF climbed by 19%, positioning them among the top three gainers in the top 100 cryptocurrencies by market cap today. Only Hedera Hashgraph (HBAR) surpassed them, with a notable 44% rise during the same period.
Resolution Of Solana’s Congestion Issues Spurs Memecoins
The significant uptick in these Solana memecoins is closely linked to the recent improvements in the Solana network’s performance. A tweet from SolanaFloor earlier today indicated, “BREAKING: Solana’s congestion issues have been completely resolved, with block production back to normal. Transactions confirming in under 2 seconds.” This announcement marks a pivotal moment for the network which had been plagued by congestion issues.
Source A: https://t.co/2TVnbaPNlH
Source B: https://t.co/GfHxy8dC1B— SolanaFloor | Powered by Step Finance (@SolanaFloor) April 24, 2024
On April 15, Solana developers rolled out crucial updates designed to alleviate these problems, urging validators to adopt version v1.17.31. This version introduces changes in the treatment of validators based on their stakes. Further enhancements are anticipated with the release of version v1.18 next month, which will include a new scheduler, albeit disabled by default.
Andrew Kang, founder of Mechanism Capital, remarked a few days before the fix, “Let’s also not forget that the Solana congestion issues have weighed down SOL and Solana-based memecoins significantly. It’s not a question of if but when the network is significantly improved. That’s your springboard.” Kang’s comments now seem prophetic as the resolution of network issues has indeed acted as a springboard for memecoin valuations.
Specifics On Rally Of Dogwifhat (WIF) And BONK
The price of WIF soared to a 24-hour high of $3.43 on April 24, buoyed by an impressive 96% increase in trading volume. This influx was fueled by notable acquisitions from whales like Ansem, who capitalized on the positive market sentiments.
The breakout above the resistance level at $3.18, after a week of sideways trading between $1.97 and $3.18, was a significant trigger. WIF formed a two-week-long ascending triangle, a bullish chart pattern that indicated a continuation of the previous upward trend. The breakout was widely discussed in the crypto community, with trader Bluntz Capital confirming the pattern’s resolution and sparking further bullish sentiment.
2 week long ascending triangle forming here on $WIF, i think the breakout is imminent pic.twitter.com/S0OZWBsq6u
— Bluntz (@Bluntz_Capital) April 24, 2024
BONK is registering a dramatic 35% rise, with a remarkable 304% increase in trading volume. The price action successfully breached the 0.236 Fibonacci retracement level at $0.000020727, and continued its upward trajectory to the 0.5 Fibonacci level, signaling strong buying interest and bullish momentum.
This rally probably gained additional support from the recent listing of BONK by the global neobank Revolut, which was announced on April 22. This inclusion in Revolut’s trading platform, which features over 150 digital currencies, provided significant exposure and legitimacy, further enhancing investor interest and market activity around BONK.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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The memecoin BONK has faced a significant setback as its prices plummeted by 30% in the last week, sparking discussions about the need to reassess predictions for this meme token. This decline in value has been accompanied by a drop in BONK’s open interest to its lowest level in the past month, signaling potential challenges ahead for the token.
Market Performance And Price Predictions
The recent slump in BONK’s prices has raised concerns among investors and traders, with key technical indicators hinting at the possibility of further declines in its value. At present, BONK is trading at $0.000023, making it one of the cryptocurrencies with the most losses over the past week. The altcoin’s future trajectory remains uncertain as market dynamics continue to evolve.
BONK price down in the last seven days. Source: Coingecko
Following a rejection at $0.00004, the price of BONK lost momentum and had a 35% value adjustment. After then, there was a period of sideways trading for the memecoin. The bulls lost steam as the volatility increased and broke through the support level; the market has been trading sideways ever since.
The recent analysis of BONK’s price performance reveals a shift in sentiment towards bearish outlooks, with weighted sentiment turning negative and key technical indicators confirming the presence of bearish sentiments. This negative sentiment among market participants could potentially lead to further declines in BONK’s value unless there is a significant shift in market dynamics.
Source: Coinglass
Open Interest Plummets
Futures open interest in the cryptocurrency fell to its lowest level in one month, which led to a decrease in its price. The open interest in BONK began to fall on March 5th and has since fallen by 60%, according to statistics from Coinglass.
Traders’ interest or involvement in the derivative market for an asset declines as its open interest diminishes. This usually happens when there is a change in investor mood, leading to more people trying to cut losses or take profits.
Total crypto market cap at $2.4 trillion on the daily chart: TradingView.com
Impact On Investor Sentiment And Market Dynamics
The recent price slump in BONK has had a notable impact on investor sentiment, with many adopting a cautious approach towards the token’s future prospects. This shift in sentiment has also influenced trading volumes and market activity, as investors reassess their positions and strategies in light of BONK’s price movements.
Expert Price Predictions And Analysis
As market observers examine BONK’s price predictions, varying outlooks emerge regarding its future performance. While some forecasts suggest a bearish scenario with a price of $0.000018 in 2024, others paint a more optimistic picture, projecting an average price of $0.000067 by April 17, 2024. These contrasting predictions highlight the volatility and unpredictability inherent in the cryptocurrency market.
Featured image from Andrea Piacquadio/Pexels, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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