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The Bonk price has gained 8% in the past 24 hours to trade for $0.00002584 as of 02:16 a.m. EST on trading volume that soared 25%.
BONK is the top gainer among DOGE-themed meme coins, and second only to Solana-based, cat-themed Popcat, which has soared 17%.
Today's crypto crush? $BONK's hitting the spotlight! 🎉
Let's dive into the excitement surrounding today's standout star.✨
Add $BONK to your CF portfolio & grab those extra gains! 💥#BONK #memecoin #MemeCoinSeason pic.twitter.com/1NmJPhotXo
— CoinFantasy (@Coinfantasy_Io) April 26, 2024
But it’s BONK that’s in the spotlight. The surge in the Bonk price comes following the passing of a vote to reduce the token’s supply by billions.
An official announcement from the decentralized autonomous organization (DAO) read, “The BONK DAO community proposal to BURN 278,393,137,215 billion BONK has passed via council vote.”
The community vote ended with 418,625,159,192 votes in favor, representing a 99.9% support of the proposal.
In a post released on April 17, the BONK DAO indicated that the token burning initiative would help drive a surge in the Bonk price. With this, it committed to burning all the BONK in its treasury and proposed a vote for it.
The tokens in the treasury had been earned in 2023, following its agreement with BONK-trading Telegram-based bot, BONKbot. The report read, “BONK DAO proposes to burn 278,393,137,215B BONK from its Treasury which represents 100% of the BONK earned by BONK DAO from its revenue sharing agreement with BONKBot since its launch in late 2023.”
Understanding Token Burning Dynamics As The Bonk Price Soars
Token burning entails permanently removing a certain amount of tokens from circulation. By burning all the BONK tokens that had been earned, the DAO recognizes that the community wants to have a similar burn like what BONKBot regularly does.
The gist of it is that by reducing the total supply of the BONK tokens, token burning increases its scarcity. When there are fewer tokens available in the market, and demand remains constant or increases, the value of each token may go up. This can create a sense of scarcity and exclusivity, driving up the price.
The outcome has earned BONK a position on BiKing Exchange’s list of top gainers, alongside the Near Protocol token, NEAR.
Top 5 Gainers on #BiKing🐅Today🥳#Tokens stand out daily due to their impressive price performance in the always-exciting crypto market.
Have any tokens caught your attention?#BONK #W #TRB #NEAR #LQTYCheck out the poster below for more details 👇👇 pic.twitter.com/xLLENJtxfY
— BiKing (@BiKingex) April 26, 2024
Bonk Price Prediction As BONK Tests A Buy Zone
The Bonk price has dipped its toe into the Fibonacci Golden Zone, which stretches from the 61.8% Fib level to the 32.8% Fib level. Notably, the most crucial Golden Zone is between the 61.8% retracement level and the 50% Fibonacci placeholder.
It is imperative to note that while the RSI is recording lower highs, it remains well above the mean level of 50. This shows that the market is still bullish. The Moving Average Convergence Divergence (MACD) is also in positive territory, northbound, and well above the orange band of its signal line. This shows that bullish sentiment is still on in the BONK market, and could catalyze a rally.
Looking at the volume profile, it shows that the area between $0.00002584 and $0.00002200 is loaded with bullish activity, shown by the yellow spikes. The Bonk price should there expect significant support around this area, which could prevent against further downside.
If bullish momentum is enough to overpower selling activity, the Bonk price could overcome resistance due to the 50% Fibonacci placeholder of $0.00003021. An extended move north could send it above the 38.2% Fibonacci retracement level of $0.00003447. A candlestick close above this level would confirm the continuation of the uptrend.
TradingView: BONK/USDT 1-day chart
Converse Case
However, the spikes in the volume profile show that there is a lot of bearish activity within the Golden Zone around the 50% Fibonacci placeholder. A lot of selling pressure is therefore expected around this level, which could lead to a reversal in the Bonk price.
Increased selling pressure could see the Bonk price face a rejection from the Golden Zone. This would see it drop below the 50% Fibonacci retracement level of $0.00002584. Such a move could send the altcoin lower, dropping toward the $0.00002200 level. The deciding factor is whether bearish activity overpowers bullish activity within the crucial Golden Zone.
For the prevailing bullish outlook to be invalidated, however, the Bonk price must record a candlestick close below the $0.00002000 psychological level. The Relative Strength Index (RSI) is recording lower highs, signifying weakening momentum. If the RSI crosses below the mean level of 50, effectively recording a lower high, it would signify a reversal of the trend.
Given that weakening momentum, investors might also consider diversifying their portfolio with SLOTH, a BONK peer on the Solana blockchain.
After a remarkable presale raise, the project only has less than three days left before the end of an ICO that’s raised more than $15 million.
Promising Alternative To Bonk
SLOTH is the token powering the Slothana ecosystem. It is a Solana-based meme coin, inspired by the chilled-out charm of a stoner sloth.
Analysts anticipate the potential for a 100x price pump upon launch, similar to the significant gains recently seen with other sloth-themed meme coins.
Slothana has garnered excitement among crypto enthusiasts for multiple reasons. Firstly, its foundation on the Solana blockchain positions it within a leading ecosystem for meme coins ahead of an expected altcoin season.
Solana’s robust infrastructure offers a fertile ground for Slothana’s evolution and expansion. Additionally, Slothana benefits from the success of previous sloth-themed projects like SLERF.
SLOTH on Solana
Slothana (SLOTH) is trying to continue the success of SLERF to become a prominent meme coin on the Solana platform.SLERF – a meme coin on the Solana platform achieved a market capitalization of nearly 500 million in March. However, this meme coin has since lost…
— rkdidisjb (@rkdidisjb) April 25, 2024
The Slothana project has set itself apart by its unique design and active community engagement. The project demonstrates a commitment to cultivating a global community of sloth enthusiasts, using captivating imagery and compelling messaging.
🎬🌵 Are you feeling lucky, sloths? 🎰 With just 3 days left in the presale, it's time to saddle up and make your move. Are you gonna sit there, or are you gonna join the ride to the moon with Slothana? The choice is yours. Make it count. 🔥🦥 #Slothana #memecoins pic.twitter.com/lnyqisy2EB
— Slothana (@SlothanaCoin) April 25, 2024
Visit and buy Slothana on the official website here. 1 SOL buys 10,000 $SLOTH.
Also Read:
- How to Buy Slothana – SLOTH Presale Review
- Only Three Days Left To Invest In Solana’s New $15 Million Stoner Meme Coin ICO Slothana
- Solana-Based Meme Coin Slothana’s Presale Ends Soon – Last Chance to Buy Before Launch
- Slothana Presale Ends Soon – Last Chance To Buy Before Exchange Listings
- 5 Top Crypto Presales 2024: Unveiling the Most Anticipated Opportunities!
Most Searched Crypto Launch - Pepe Unchained
- Layer 2 Meme Coin Ecosystem
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- SolidProof & Coinsult Audited
- Staking Rewards - pepeunchained.com
- $10+ Million Raised at ICO - Ends Soon
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