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The Bonk price surged more than 11% over the past 24 hours to trade at $0.00001164 as of 9:00 am EST as buyers re-enter BONK’s charts.
BONK Challenged By New Solana Meme Coin
The token’s rise comes as a new meme coin, HONK, is attempting to challenge BONK for Solana meme coin supremacy. During the last 24 hours, the underdog managed to outperform BONK, and registered a gain of almost 52% to trade at $0.01936.
To date, BONK has exploded by more than 10,535% since it launched on Dec. 25, 2022, so HONK still has a lot of ground to make up. Honk has so far soared 675% since its launch on Jan. 19. BONK is also currently ranked at number 86 in terms of cryptos with the biggest market caps, while HONK is down at number 2,294.
The Bonk Price Breaks Above Stronger Bearish Trend Line
4-hour chart for BONK/USDT (Source: TradingView)
The Bonk price managed to break above a medium-term negative trend line on its charts in the last 8 hours. This is a major bullish development as the meme coin has been held down by this trend line since Dec. 15, 2023.
BONK could rise to as high as $0.0000192765 in the next couple of days as a result. Continued buy pressure could then boost the Bonk price to as high as $0.0000290295 in the short term. A potential confirmation of this bullish thesis may be if the meme coin closes 3 consecutive 4-hour candles above $0.0000128480 in the next 24 hours.
On the other hand, a break below the $0.0000088550 support level in the next 48 hours could invalidate this bullish thesis. In this alternative scenario, the Bonk price may drop to the subsequent support at $0.0000031115 in the following couple of days.
Buyers May Continue To Boost The Bonk Price
Technical indicators on BONK’s 4-hour chart show that buyers currently have the upper hand, and may attempt to boost the Bonk price higher in the coming couple of days. The Relative Strength Index (RSI) line is positioned above its Simple Moving Average (SMA) line. This technical flag indicates that bulls have an upper hand against bears.
BONK’s positive trend may also continue in the next 48 hours, as suggested by the Moving Average Convergence Divergence (MACD) indicator. Currently, the MACD line is breaking away above the MACD Signal line, which signals that BONK’s bullish trend is growing stronger. If these technical flags are validated, the Bonk price may soar to the $0.0000192765 resistance level soon.
While BONK battles it out with HONK, Sponge V2 is a presale that’s also taking the meme coin market by storm.
Hey, $BONK…
We’re coming for you 🤫#BONK #SpongeV2 #SPONGE #PEPE #MemeCoin #Crypto #Alts pic.twitter.com/ZjLYW0MLR3
— $SPONGE (@spongeoneth) January 25, 2024
Looking To Repeat Its 100X Success
Sponge V1 was able to generate 100x returns for early-stage investors during the 2023 bear market, and even reached a peak market cap of $100 million. Following this success, the Sponge team is looking to give investors a second chance at substantial gains through the introduction of Sponge V2.
#SpongeV2: because sometimes you just need to shut up and absorb the damp 💦
What are you waiting for?! 👀#Crypto $SPONGE #Presale #Bullish pic.twitter.com/LFpfaOOKFh
— $SPONGE (@spongeoneth) January 24, 2024
To ensure the latest iteration of the meme coin is able to replicate the performance of its predecessor, the team have lined up multiple exchange listings and have even added a play-2-earn racer game.
Not only will this expose the meme coin to a broader trading audience, it will also introduce a level of utility that is not commonly associated with the majority of meme coin projects.
Offering Investors Many Earning Opportunities
Sponge V2 is not just a promising 100x speculative trading opportunity, it also offers token holders other opportunities to earn. One of the earning opportunities is the project’s lucrative staking program, which is currently giving investors an annual percentage yield (APY) of 269%.
In addition to this, the play-to-earn racer game that will be introduced to the Sponge community soon will allow players to earn more Sponge V2 tokens as well.
Visit or buy Sponge V2 here.
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