Bonk Price Prediction: BONK Plunges 15%, But This New Meme Coin Soars Past $5 Million In Presale

Updated: 28 December 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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The Bonk price has dipped 15% in the last 24 hours to trade for $0.0000134 as of 5:00 a.m. EST time, with trading volume dropping by 16%.

The falls suggest the market is losing interest in BONK after its hype was exhausted. Coupling this with the surge witnessed in PEPE, DOGE, SHIB, and FLOKI, indicate investor attention shifting to other meme coins at the expense of Bonk.

A big part of the surge in the Bonk price was attributed to hype around its listing on the Coinbase exchange, a phenomenon dubbed the ‘Coinbase effect,” where an up-and-coming digital currency experiences a quick price pop after it is listed on the big US exchange.

Before the bull run starts, lets clear something up.

You're gonna hear about "the coinbase effect" which means when something is listed on @coinbase that it "pumps".

Today #SEI $SEI was listed. -20%

The "coinbase effect" only applies to a bull market, and we aint in one.

I… pic.twitter.com/FApn64Z5ia

— CarolinaKeith_1 (@Carolinakeith_1) August 16, 2023

Even with the listing effect already priced in, Bonk’s transformation from a meme-based coin to a formidable player in the Solana ecosystem is locked in. Beyond giving it an edge in the meme coin wars, the transition is manifest in the integration of BONK with several projects as well as its growing involvement in NFT transactions.

Bonk Price Prediction As Attentions Shifts To Rival Meme Coins

After recording a local top of $0.0000350 during the December 15 trading session, Bonk price is retracing lower, currently sitting on the most significant Fibonacci level, 61.8% at $0.0000134. Judging from the outlook of the Relative Strength Index (RSI), a prolonged slump could be underway.

The RSI is southbound, pointing to falling momentum. At the same time, the histogram bars of the Awesome Oscillator (AO) are edging towards the midline, flashing red to show the bears solidifying their presence in the BONK market.

Increased selling pressure could see Bonk price lose the critical support at $0.0000134, to test the 78.6% Fibonacci level at $0.0000076. In the dire case, the fall could extend for the meme coin to tag the support floor at $0.0000001. Such a move would constitute a 96% drop below current levels.

On the other hand, if sidelined and late investors come in, Bonk price could recover, extending north to flip the 50% Fibonacci level back into a support at $0.0000175. Enhanced buyer momentum could see the price retrace the 38.2% Fibonacci level of $0.0000217, with the possibility to extend a neck higher to tag the 23.6% Fibonacci level at $0.0000268.

In a highly bullish case, Bonk price could retest the local top at $0.0000350; possibly even clear it to create a higher high. This very unlikely outcome would be the point where the bearish outlook becomes invalidated.

Meanwhile, some investors are turning their attention to MK, a new meme coin that also features among analysts’ top picks for the best meme coins to invest in. It is also among the top five cryptos to buy before 2024, with analysts anticipating 10X growth potential.

Promising Alternative To BONK

MK is the ticker for the Meme Kombat ecosystem, a stake-to-earn project designed by gamers for gaming enthusiasts.

$MK is reaching new heights and taking the #memecoin world by a storm. Buy into the presale now! https://t.co/2x2FvsuR61

— Meme Kombat (@Meme_Kombat) December 28, 2023

The project is in the presale stage, recording upwards of $5.08 million in collections so far, out of a target objective of $6.5 million. Investors looking to buy MK can do so on the website, where each Meme Kombat token is selling for $0.257. The price is about to increase to $0.268.

In 24 hours we will be increasing the price of $MK from $0.257 to $0.268⚔️

Get it now at $0.257! pic.twitter.com/8tI0ATMEzi

— Meme Kombat (@Meme_Kombat) December 27, 2023

MK token holders can stake their holdings instead of waiting for the presale to end. This is because the staking dashboard is already live, giving annual percentage yields (APY) as high as 185% at the time of writing.

📣 Major Update 📣

The Meme Kombat Staking Dashboard is officially live and ready to be used by you!

Take a break from Kombat and visit the staking dashboard here: https://t.co/nNFEYESjPs pic.twitter.com/yswl0esb4G

— Meme Kombat (@Meme_Kombat) November 9, 2023

Visit Meme Kombat website to buy MK in the presale here.