BONK has dipped by 2% today, with the Bonk price sinking to $0.0000118 as the cryptocurrency market suffers a similar 1.5% drop in the past 24 hours.
The meme token’s market cap has fallen to $750 million, with BONK also down by 14% in the past week as traders become less bullish.
Yet the coin holds onto a 5% gain in the last 30 days, as well as an impressive 1,300% increase in the past year.
Such performance means that traders shouldn’t write off BONK just yet, with the coin’s previous performance suggesting that it could make a strong comeback in the near future.
Bonk Price Prediction as BONK Market Cap Falls to $750 Million – When is the Next Rally?
BONK’s chart continues to look subdued, its indicators in a position where the coin just as easily fall further instead of recovering.
Its 30-day moving average (yellow) is dipping ever so slightly, with the coin’s current price also dipping below the 30-day, in a sign of declining momentum.
Source: TradingView
At the same time, BONK’s relative strength index (purple) declined below 50 in the past few days, and is currently struggling to rise again.
This would suggest that traders aren’t too keen on the meme coin right now, with its volume remaining pretty low at $50 million, compared to $250 million around the middle of the month.
Having said that, the coin has risen by 2% in the past hour, suggesting that some traders have come in with significant purchases.
There’s therefore a possibility that BONK could enjoy a recovery soon, even if the positive signs are fairly modest.
It hasn’t really seen a big whale purchase in a few months, although it’s encouraging to note that its holder count is higher now than it was in late November, when BONK began its main end-of-2023 rally.
This suggests that some traders are keeping hold of the token, in the expectation of further gains.
And with the market awaiting an increase in bullishness as Bitcoin ETF volumes increase and we approach the next Bitcoin halving, the Bonk price could indeed rise in the next few weeks.
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It has also witnessed a few positive signs of wider adoption in recent weeks, with this month witnessing the launch of BONK rewards via Armada.
It could potentially reach $0.000020 in the next couple of months, before climbing back up to $0.000030 later in the year.
Diversification into High-Potential Small-Cap Alts
Given the uncertainty surrounding BONK, it may be more advisable to turn towards newer meme tokens, especially those in the middle of their initial expansion phases.
A great example of such a coin is Smog (SMOG), a Solana- and Ethereum-based meme token that listed a few weeks ago on DEX aggregators such as Jupiter and Birdeye.
Since listing, it has risen in price by over 3,000%, and unlike 99% of new Solana-based meme tokens, it has held most of its value.
Source: Birdeye/TradingView
It’s also up by 4% in the past 24 hours, with its interesting airdrop system being the main reason why it’s attracting investors.
It has allocated 35% of its overall supply (1.4 billion SMOG) to a series of regular airdrops, which will reward participants in proportion to how many SMOG tokens they hold.
Clearly, this kind of system is already motivating SMOG owners to keep hold of their tokens, as indicated by its stable price.
The fact that holders can also stake SMOG is another incentive to hold onto the coin, which offers a yield of 42% APY.
Other notable features include the ‘quests’ which investors can complete, earning themselves extra SMOG by joining the coin’s social media channels or inviting new members.
#SMOG #Dragons, remember your daily #Airdrop missions on #Zealy!
Completing more quests = rising on the leaderboard!
Join the biggest #Sol airdrop today!
https://t.co/3EQxvQwsw3 pic.twitter.com/x5sJ1a5e1m
— SMOG (@SMOGToken) February 23, 2024
These quests have helped to grow Smog’s community quite quickly, with its X account now commanding over 27,000 followers.
Investors can buy the token by going to the official Smog website or by trading it on Jupiter or Birdeye.
Listings on other exchanges will be coming soon, something which is likely to boost the coin’s price even further.
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