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The Bonk price jumped 4% in the last 24 hours to trade at $0.00003223 as of 2 a.m. EST on trading volume that skyrocketed 114% to $2.19 billion.
The popular meme coin has seen a massive surge in the last seven days that leaves its price 46% higher than a week earlier.
The meme coin saw an even greater increase earlier, reaching the price of $0.000040 less than eight hours ago. But then the market turned and Bonk tumbled along with multiple other cryptos.
Bitcoin, and most other top 10 largest cryptos by market cap, are currently trading in the red on a 24-hour basis, and the same can be said for the top 10 largest meme coins by market cap. Dogecoin, for example, is down 9% in a day, while SHIB has dropped 18%.
In fact, Bonk is the only meme coin among the top 10 to trade in the green at the time of writing. A lot of it is owed to a recent introduction of Coinbase’s new Coinbase 50 Index (COIN50), with BONK being one of the cryptos that make up the index.
Meet the Coinbase 50 Index (COIN50), a whole new way to track the performance of the cryptoeconomy. https://t.co/cFF7G3YXYr pic.twitter.com/PmxkN9grvv
— Coinbase 🛡️ (@coinbase) November 12, 2024
Bonk Price Prediction
Right now, the Bonk price seemingly found a bottom at $0.000032, and it appears that it is ready to start a recovery. Its Bollinger bands have narrowed significantly, especially compared to the last 24 hours, during which the token saw its major surge.
On the plus side, the price has stopped pushing the lower band down and is now in the process of returning to the upper one, which is a positive sign. It will likely push the upper band further up in the hours to come, which likely makes right now the best time to start buying BONK again.
The project’s Relative Strength Index (RSI) value shows that the price went from the overbought zone’s 82.5 to the value of 44.16. While this is still technically in the neutral zone, it is also a positive sign that it never reached the oversold zone.
This suggests that the buyers jumped in on the opportunity to get BONK at a lower price, not waiting for its RSI to sink to the value of 30.
This further suggests that the crypto sector’s overall sentiment is still strongly bullish, and with this correction over, the prices are ready to start a recovery, and perhaps even reach new levels. Bonk itself is fairly close to its all-time high of $0.000047, which it achieved in March of this year.
A recovery back to $0.000040, coupled with another strong push could potentially send the token up to this level. Of course, it is also possible that BONK will not have enough strength to do it this time around. The current rally is still considered a post-election bull run, rather than part of the industry’s natural cycle.
In the end, investors and traders should remain cautious, as this is a fairly volatile period that could bring benefits, but also plenty of risks.
Promising Alternative To Bonk
Investors looking for diversification opportunities might consider Flockerz (FLOCK), a new meme coin project that is hell bent on building a strong community and guaranteeing decentralization.
Too often, decentralized projects become overtaken by a small minority as most of the token holders lose interest in using their voting power to contribute to decision-making. They simply have no incentive to join, and most of the decision-making is not as exciting as it may seem at first.
Eventually, they stop participating altogether, leaving the project in the hands of a small group, which could result in it becoming centralized.
Flockerz has a simple solution that is highly effective — it provides incentives to vote with its new Vote-To-Earn (V2E) model. Simply put, it rewards you for voting with its FLOCK token, which makes it worth coming back and voting whenever there is a decision to be made.
On top of that, it also lets you stake your FLOCK and receive massive rewards, currently at 1,117% annually. So, the more you vote, the more FLOCK you have for staking, and the more you stake, the more you get back in rewards.
It is a well-oiled machine designed to reward token holders and keep Flockerz decentralized and running smoothly.
Right now, the project is in the middle of its ICO which has already raised $1.66 million, all while selling its FLOCK token for only a fraction of a cent, currently at $0.0060049.
What’s more, crypto YouTuber ClayBro says Flockerz is poised to see massive gains as it launches into a massive bull market.
If you decide to join the FLOCK, you can buy its tokens with cryptos such as ETH, BNB, or USDT, or your credit/debit cards.
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