Bonk Price Prediction as $600 Million Pumps BONK 9.3% – Time to Buy?

Simon Chandler

Last updated:

June 5, 2024 08:18 EDT | 3 min read

The Bonk price has jumped by 9% in the past 24 hours, reaching $0.00003445 on a day when the crypto market as a whole has gained by 2.5%.

BONK remains down by 16% in a week, yet the Solana-based meme token is up by 7% in a fortnight and 24% in a month.

It also sits on a highly impressive 7,700% increase over the last 12 months, making it easily one of the best-performing top-100 coins over this timeframe.

And with the market looking like it has begun a new phase of growth, the Bonk price could see further increases in the near future.

$600 Million Trading Volume Pumps BONK 9.3% – Time to Buy?

BONK’s chart is signalling a big increase in momentum, yet what’s encouraging is that its indicators suggest it has room to continue rising for a while yet.

Its 30-day moving average (orange) is rising towards the 200-day average (blue), with the shorter term average needing to rise well above the 200-day before BONK enters an overbought position.

Source: TradingViewThe coin’s relative strength index (purple) rose to 70 early this morning, and while it has dipped it’s likely to rebound soon, given that it had spent most of the last week below 50.

What’s also encouraging is that BONK’s 24-hour trading volume is above $600 million, which is fairly high in relation to recent levels.

This suggests increasing demand and momentum, with BONK having seen some big buys from whales in the past few weeks.

A whale is selling 1.7M $WIF($4.4M) at a loss to buy $tremp and $BONK after the $WIF price dropped.

Which caused the price of $tremp and $BONK to increase.

The whale spent 25,682 $SOL($5M) to buy 1.7M $WIF at $2.94 on Mar 17.

After the $WIF price dropped, he started selling… pic.twitter.com/Ad8mdvLc50

— Lookonchain (@lookonchain) May 19, 2024

One reason to be pretty bullish about meme tokens right now is that GameStop trader Roaring Kitty has returned to action in recent weeks, with this week bringing news of a $180 million position in GameStop stock he has been accumulating.

This has helped fuel demand and excitement regarding meme tokens, which also benefitted during the famous 2021 GameStop rally.

$TURBO is taking the lead again. If this trend continues, its price could be trimmed by one zero. The memecoins $SHIB, $BONK, and $PEPE are experiencing a surge too. Hold on, as this could be an epic journey.
Previously, there was a 34x profit in the last rally.#memecoins pic.twitter.com/HvYfBQPhGc

— Decilizer (@decilizer) June 5, 2024

While there’s nothing fundamental about BONK that would make it likelier to rally higher than other large meme coins, it has remained a popular vehicle for gains among whales.

As such, it’s likely to continue seeing volatile rallies and corrections in the coming months, having hit a record high of $0.00004547 on March 4 of this year.

Its performance will also likely find support later in the year, as improved inflation figures lead to potential rate cuts.

The Bonk price could rise in this context to a new record high, possibly reaching $0.000050 by Q4.

New Meme Tokens for New Rallies

BONK undoubtedly remains a strong contender for gains this year, although it isn’t the only promising meme coin in the market.

In fact, several new meme tokens have emerged in recent weeks and have begun their presales, raising impressive sums of money as they look to list in the near future.

One of these is PlayDoge (PLAY), an Ethereum-based cryptocurrency that has already raised more than $2 million in its popular token offering.

New achievement unlocked! 🏆

Over $2 Million raised and counting in our #Presale.

Don’t get caught by them ghosts! 👻

Secure your spot NOW before the next price rise. ⏰#PlayDoge #MemeCoin #PacMan #BNB pic.twitter.com/Y589v4bH27

— PlayDoge (@PlayDogeGame) June 5, 2024

What’s impressive about this is that PlayDoge’s sale began only last week, with the coin attracting investors by virtue of its exciting fundamentals.

It will be the native token for a Doge-themed and Tamagotchi-style play-to-earn game, with players able to earn rewards (in PLAY) for breeding, trading and completing missions with their own pet dogs.

The success of games such as CryptoKitties creates a template that PlayDoge could very well follow, particularly when Doge- and Shiba Inu-related memes remain so popular.

PLAY is also bullish as a token in its own right, with the coin having a capped supply of 9.4 billion.

This makes it deflationary in theory, while the ability to stake the token should result in supply squeezes that could push its price much higher over time.

While its sale won’t run for much longer, investors can still join by going to the PlayDoge official website.

1 PLAY token currently costs $0.00503, a price that will rise again in under three days, and that could explode once the token lists.

Visit PlayDoge Now

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