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The Bonk price plunged 5% in the last 24 hours to trade at $0.00002111 as of 3.30 a.m. EST on trading volume that slumped 11% to $136.75 million.
The popular meme coin’s price has made an attempt to climb over the past few days, only for it to be rejected after reaching the value of $0.0000225. The token dropped back to a support at $0.00002100, hence the 5% drop in the last 24 hours.
But it has also started a new meme contest on X that might bring the community closer together during times of uncertainty. The contest started yesterday and it offers users the chance to win a prize from a pool of 420 million BONK.
Are you the top BONK memelord?
Time to find out❗❗❗
Starting TODAY, Meme The Dog here on X for a chance to win 420 Million $BONK👀
Details👇 pic.twitter.com/qJI2JzFcto
— BONK!!! (@bonk_inu) October 30, 2024
All that contestants need to do is post their memes on X and tag BONK. After that, they can submit their memes on the BONK platform and win points or upvote or downvote other people’s posts.
Post your memes on X with any of:
– $BONK
– Tag BONK
– #BONKVisit https://t.co/t8rtttWUHa, log in using an X account, and submit your posts to earn points, plus upvote or downvote others posts, and cement yourself on the leaderboard as Top Dog of BONK memes❗❗❗
Need BONK… pic.twitter.com/vMztOyWT2p
— BONK!!! (@bonk_inu) October 30, 2024
Bonk Price Prediction
While the BONK price is seemingly starting to recover, there are signs that this might not be a very strong surge. The project’s Bollinger bands have seen a sharp narrowing in the last 12 hours or so, and ever since then, the price has mostly been fluctuating between the lower band and the middle point between the two bands.
The last few hours saw it surge up to the upper band as well, which is encouraging, but it was followed by an immediate return to the lower band. The bands remain narrow, and the fluctuations are strong, suggesting that the meme coin is trapped between a support and a resistance while the bears still remain in control.
The last 12 hours have also seen the project’s Relative Strength Index (RSI) value fluctuate between the value of 40 and 50, suggesting that the traders are not overly bullish. The buyers are only making a move when the RSI drops toward the value of 40, but they sell their tokens as soon as the price starts going up.
For now, there doesn’t seem to be much confidence in the token’s price, but on the positive side, this situation will likely not last for long. Bonk is bound to break out sooner or later, although it is unclear whether that means that its price will surge up or break the support and start spiraling down.
The project’s strongest support sits at $0.000020, as this is the level that allowed its price to skyrocket twice in the last seven days, whenever the bears brought it down to it. In other words, if the bears break the support at $0.000021, this level will likely cause BONK to surge again.
Promising Alternative To Bonk
Given that BONK doesn’t look like a particularly promising investment right now, investors could consider the new presale Flockerz (FLOCK), a project that aims to ensure community involvement and real decentralization.
To achieve this, the meme coin developed a new model called Vote-To-Earn (V2E), which rewards users for participating in the governance process and voting on various decisions.
In doing so, users ensure that the project remains under the control of a wider community, rather than a few individuals, as is often the case with other projects whose users get tired of voting on background decisions that seemingly do not affect them.
In other words, Flockerz incentivizes users to engage and to continue doing it with rewards each time they vote and help the project make a decision on how to move forward.
It also allows users to stake their FLOCK tokens for extra rewards. Early stakers have access to a breathtaking 1,427% Annual Percentage Yield (APY). Then, as you vote and get more rewards, you can stake those tokens as well and increase your earnings even further.
It is a clever design that has caught the attention of many crypto experts. One of them is YouTuber ClayBro, with over 130k subscribers, who says FLOCK might be the next 20x crypto.
If you agree, then the best time to join Flockerz is right now, while it is still in presale. Its price is only $0.0059098 and it can be bought with ETH, USDT, BNB, or bank cards.
If you would like to join investors who have already pumped more than $1.18 million into the project, buy before a price hike in less than 3 days.
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