A surge in BONK’s 24-hour trading volume to $900M hints at possible whale activity, even as the price sees a temporary pullback.
The BONK price has fallen 5.64% in the past 24 hours, decreasing to $0.000033. This comes as the crypto market as a whole has retraced.
BONK is now up 35.43% in the past week, indicating a continuation of its monthly 21.82% price increase.
In the past year, the altcoin has seen an impressive return of 7,990.65%, as per Binance data.
This is significant compared to the returns of major tokens like BTC, ETH, and SOL in the past 12 months, suggesting that BONK is seeing widespread interest among investors.
And with its 24-hour trading volume rising to $902.9 million in the past few hours, it seems that its short-term momentum could hint towards a rebound.
BONK Price Prediction – Are Whales Buying?
After dipping in the early hours of this morning, it seems that BONK is ready to rebound again.
In particular, its relative strength index (purple) has fallen from 90 to 35 in the past 24 hours. This suggests BONK is oversold, indicating it might be undervalued and a price bounce could be forthcoming.
Other indicators support this, such as the continuation of a positive trendline (Yellow). This suggests that the recent retrace was temporary and does not signal a complete shift in momentum.
Additionally, the meme coin’s 30-day moving average (orange) is trending upward above the 200-day average (blue) in a continuation from the past week, confirming the continued uptrend.
Supporting this view is the coin’s trading volume, which, at $900 million, has gained by 33% in only the past week. This hints towards some potential large hands flooding into the market.
while BONK is a meme token with no real fundamentals of its own, it often rides market-wide waves.
Therefore, the return of 2021 market catalyst Roaring Kitty, the trader known for sparking the GameStop frenzy as well as the recent approval of multiple US Ethereum Spot ETFs may act as catalysts to propel BONK further.
The Bonk price could, therefore, reach $0.000040 within the summer.
Alternative Meme Coins for Big Rallies
Given that BONK has already accumulated a $1.7B market cap, it is in question whether truly impressive gains are possible going forward.
Consequently, traders are scrambling to find the next low-cap meme coins primed to explode.
Enter Dogeverse, the latest Shiba Inu-inspired Solana meme coin, which has captured the attention of meme fans, degens, and crypto enthusiasts. Some citing it to have 100x potential.
Dogeverse is the first Doge Meme token built on a multichain network spanning Ethereum, BNB Chain, Polygon, Solana, Avalanche, and Base.
Its hyper-jumping cross-chain capabilities are seen as a preview of the future potential of meme coins. Something which may credit $DOGEVERSE’s recent success, raising over $15 million in its presale so far.
We Did It! $13 Million.
$DOGEVERSE the first #Doge #Presale spanning #Ethereum, #BNB Chain, #Polygon, #Solana, #Avalanche, and #Base…and it’s showing!
Cosmo is wagging his tail in appreciation, and so are we!
The #Presale is still ongoing #MemeCoinSeason pic.twitter.com/GIUWSBCYcH
— DogeVerse (@The_DogeVerse) May 2, 2024
You can also stake $DOGEVERSE tokens on Ethereum to earn passive income, giving it the potential to be one of the next best passive income gems.
Currently priced at $0.00031, $DOGEVERSE is at its last fixed price before launch. This means that when the coin hits the open market through exchanges, there’s a very real chance it won’t ever be this low again.
Get ready to blast off with Cosmo!
#Presale ends on June 3rd at 10 AM UTC!
Claim launches on June 5th at 10 AM UTC!
This is your LAST CHANCE to join Cosmo on his #Blockchain adventures before the official launch!
Don’t miss out! The clock is ticking! … pic.twitter.com/QwpzWcm947
— DogeVerse (@The_DogeVerse) May 23, 2024
Follow the latest developments on Dogeverse’s X account.
The post Bonk Price Prediction as Daily Volume Hits $900 Million – Are Whales Buying appeared first on Cryptonews.