Join Our Telegram channel to stay up to date on breaking news coverage
The Bonk price plummeted 22% in the last 24 hours to trade for $0.00001206 as of 2:20 a.m. EST time, with trading volume jumping 64%.
The slump comes after Bonk Inu enjoyed such a strong performance in 2023 that it featured in a CoinGecko post on X as the top gainer among major coins.
What were the top crypto gainers of 2023?
Our study shows that the top 10 crypto gainers saw returns ranging from 632.8% to 7,302.9%.
Read the full study: https://t.co/VnUOm17Aum pic.twitter.com/XHxovk8SRw
— CoinGecko (@coingecko) January 3, 2024
The meme coin is built atop the Solana (SOL) blockchain. This exposes it to the ups and downs that happen on the network. Accordingly, the Bonk price suffered by extension as malicious Solana-based decentralized applications (dApps) were exploited.
According to Web3 security firm Blockaid, there has been a recent trend where users fall victim to attacks by Solana-based drainers.
In the recent hours, we've noticed many users being attacked by Solana-based Drainers, with one prominent example being https://lessfeesndgas[.]org. This drainer managed to steal SPL tokens and SOL, amounting to 100K’s of $$. All Blockaid enables wallets remain secure from the… pic.twitter.com/lFuSBH4yMH
— Blockaid (@blockaid_) January 2, 2024
Among the dApps, is the website lessfeesndgas[.]org, which managed to steal tokens from the Solana Program Library (SPL). SPL enables the creation and management of tokens on Solana and SOL worth hundreds of thousands of dollars.
Citing Blockaid, “As Solana continues to gain popularity, drainer groups are increasingly moving towards it. This is indicated by the growing number of malicious Solana dApps detected by Blockaid.”
Nevertheless, Bonk Inu’s unique mix of amusing memes on the Solana network, utility, and community support seems to continue to be a value addition. This has seen BONK climb the ladder in the meme coin sector.
It has secured the third position after veterans Dogecoin (DOGE) and Shiba Inu (SHIB) by market cap. Bonk dethroned Pepe coin (PEPE) from its apex position as the meme coin sensation and also kicked Floki Inu (FLOKI) to the curb.
Besides suffering by extension of its association with Solana, Bonk price is also bearing the brunt of a dissipating meme coin fever. This is evidence as the top five meme coins (listed above) by market capitalization metrics are recording double-digit losses.
Bonk Price Prognosis Amid Dissipating Meme Coin Fever
After a 22% slump, Bonk is sitting on support due to the 50-day Simple Moving Average (SMA) at $0.00001128. If this buyer congestion level breaks, the slump could extend, with Bonk price likely to test the 23.6% Fibonacci level at $0.00000821.
Converse Case
On the flip side, the Average Directional Index (ADX) indicator, which quantifies trend strength, shows that the downtrend could be bottoming out. For the layperson, a rising ADX line points to increasing trend strength, meaning the prevailing trend abounds. However, a falling ADX line shows that trend strength is decreasing and the price enters a retracement or consolidation period.
The Relative Strength Index (RSI) indicator accentuates the Bonk price bottoming out thesis. This momentum indicator has abandoned its previous southbound move in favor of the north to show momentum is rising.
Increased buying pressure above current levels could see Bonk price flip back above the 38.2% Fibonacci level at $0.00001337. A break and close above this level on the daily timeframe would rekindle hope for a move north.
It holds significance as it marked the invalidation level for the previous uptrend, seeing as it coincided with the foot of the god candle recorded on December 14.
However, for the prevailing bearish outlook to be invalidated, Bonk price must flip the critical Fibonacci level of 61.8% at $0.00002170 back to a support.
Such a move would set the pace for the meme coin to target the 78.6% Fibonacci level at $0.00002763, or in a highly bullish case fill the market range by reclaiming the $0.00003500 range high. Such a move would constitute a 193% climb above current levels.
Do not fret! While Bonk price waves off the meme coin fever, consider MK, one of analysts’ top choices for the best altcoins to invest in for maximum returns. The token also stands among the top five cryptocurrencies to buy in 2024.
Promising Alterative To Bonk Inu
MK is among the best meme coins to invest in and could register exponential gains, according to experts. It is the ticker for the Meme Kombat ecosystem, an innovative new gaming platform designed for gaming enthusiasts.
The project gives you an avenue to battle your favorite meme tokens with epic daily battles. Its stage 9 is almost ending, barely 6 hours out, meaning now is the last time to buy MK at low rates of $0.268.
Meme Kombat is getting closer and closer to showing our hand.
So with that said, here's a little recap of our latest updates👇 pic.twitter.com/Mhzc7UOmu1
— Meme Kombat (@Meme_Kombat) January 3, 2024
In stage 10, each MK token will be selling for $0.279, which will be the last price before the Meme Kombat token goes live on exchanges. The window is closing fast, with the entry bar expected to go higher at launch.
12 hours until we reach our final price stage🤩
Don't miss out on getting $MK at the cheapest price before we launch⚔️ pic.twitter.com/lOEzDv0nyg
— Meme Kombat (@Meme_Kombat) January 4, 2024
So far, presale sales have reached $5.945 million, only an arm stretch to the target objective of $6.5 million.
8 hours until price stage 10🎉
But, we also reached $5.9 million raised in the $MK presale so it's celebrations all round right now!
Which will we see first? 6 million or stage 10? pic.twitter.com/7MlWKA7KfP
— Meme Kombat (@Meme_Kombat) January 4, 2024
The staking dashboard is already live, meaning investors who have already bought MK tokens can stake their holdings.
📣 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
With almost 25 million MK tokens staked so far, the 7,507 stakers are enjoying Annual Percentage Yields (APY) as high as 158%.
Visit Meme Kombat website to buy MK in the presale here.
Also Read:
- How To Buy Meme Kombat On Presale – Alessandro De Crypto Video Review
- Bitcoin ETF Applications Will Be Rejected This Month, Slashing 20% Off The Bitcoin Price, Matrixport Says
- Ethereum Price Blasts Past $2,300 While Meme Kombat Skyrockets Above $5m As Meme Coin Whales Buy Big
- Justin Sun Just Moved $14.7m in ETH – Is He Snapping Up More Meme Coin SPONGE V2 After Its Price Skyrocketed 178%?
Newest Meme Coin ICO - Wall Street Pepe
- Audited By Coinsult
- Early Access Presale Round
- Private Trading Alpha For $WEPE Army
- Staking Pool - High Dynamic APY
Join Our Telegram channel to stay up to date on breaking news coverage
