Bonk (BONK) is down another 6% on Friday, taking its run of losses since hitting all-time highs in December to nearly 70% as meme coin hype continues to fade.
BONK/USD was last changing hands on major cryptocurrency exchanges at around $0.000011, a far cry from its peak a few weeks ago above $0.00003.
Despite its torrid time in recent weeks, BONK remains the third largest meme coin in the crypto market as of Friday with a market cap of around $700 million, lagging only Dogecoin (DOGE) and Shiba Inu (SHIB), which have market caps of $11.8 billion and $5.8 billion respectively.
BONK is also still up by more than 6,200% versus its October lows under $0.0000002, with a market cap of still around $200 million that the fourth largest meme coin Pepe Coin (PEPE).
Bonk (BONK) Price Prediction – Is Meme Coin Hype Fading?
While Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has had a strong start to 2024, picking up where it left off in the final months of 2023, meme coins have generally been performing badly in recent weeks.
Dogecoin and Shiba Inu are both down around 5% so far this year and nearly 20% down versus December’s highs, so it’s not just Bonk that has been performing badly.
The number of active users trading Bonk on the Solana blockchain has been trending lower in recent weeks, as per a Dune dashboard.
That’s indicative that crypto investors are taking fewer riskier bets.
But should spot Bitcoin ETFs get approved in the coming days, as many are expecting, this could inject fresh risk appetite into the market, which could benefit meme coins like Bonk.
For now though, BONK price predictions are likely to remain bearish, with BONK in a clear technical downtrend.
Key support in the low $0.000009s could soon be tested.
Bonk (BONK) Price Chart / Source: TradingView
BONK Alternative to Consider – Sponge V2 ($SPONGEV2)
Bonk’s low market cap of only around $700 million means it could easily deliver holders gains in the region of 10x this bull market.
That’s not bad, but many meme coin investors are aiming higher, i.e. for gains in the region of 100x.
They should look no further than Sponge V2 ($SPONGEV2), the reincarnation of the legendary Spongebob Squarepants-themed $SPONGE token, which reached a market cap of nearly $100 million earlier in 2023 and delivered gains to its earlier investors in the region of 100x.
$SPONGE token holders will be able to stake their tokens to receive an equivalent amount of $SPONGEV2 tokens, as well as to start earning staking rewards (paid out in $SPONGEV2) with a minimum APY of 40%.
$SPONGEV2’s main advantage over $SPONGE is that it will power a new play-to-earn game, the details of which are yet to be released.
But we do know that there will be a free version and paid version of the game.
The post Bonk Price Prediction as It Falls 6% – Is the Meme Coin Hype Fading? appeared first on Cryptonews.