Legendary Solana Meme Coin BONK has once again undertaken a minor localized price drop, and now, holders are asking, ‘is BONK going to zero?’
This article will provide an analysis of BONK’s current price trends and look to see whether a newer meme coin, Meme Kombat, represents a more promising investment opportunity at this time.
Despite the volatile chop in BONK price action, the weekend saw positive developments for the BONK ecosystem, with this Solana-based token flipping ERC-20-based SHIB in 24-hour trading volume.
BREAKING: @solana MEMECOIN $BONK (@bonk_inu) FLIPS @ethereum PEER $SHIB (@Shibtoken) IN 24H VOLUME pic.twitter.com/4Ws23AowMy
— DEGEN NEWS (@DegenerateNews) February 12, 2024
The explanation for this huge uptick in trading volume stems from a shift in trader sentiment, with markets anticipating upside price action on the short-time frame as BONK price attempts a retest of upper resistance levels.
BONK Price Analysis: As BONK Mounts 20DMA Support – Retest Rally On the Horizon or is BONK Going to Zero?
As moving average support continues to hold, BONK is currently trading at a market price of $0.000012 (representing a 24-hour change of -2.91%).
The bullish sentiment surrounding the top Solana meme coin comes after price action over the past week broke back above a capstone of localized resistance from the 20DMA (now stood at $0.00001132).
With the 20DMA now offering lower support, BONK price is once again primed for a retest of the upper resistance level at $0.00001828.
Meanwhile, the 200DMA continues to ascend and make headway into the trading channel, with this bedrock moving average level offering a lower support level at $0.00000547.
As technical positioning strengthens, BONK price analysis reveals positive sentiment on key indicators, such as the RSI which is reading at a neutral 52 (suggesting price action once again has the capacity to push up).
Whereas the MACD also reflects bullish divergence in price, as the momentum indicator signals minor improvement at 0.00000032, suggesting upside movement is dominating price action.
Overall, BONK price analysis depicts an improved view for performance on the short-time frame, with bullish signals from indicators bolstering the idea of a bounce from the 20DMA.
This leaves BONK with an upside target at resistance around $0.00001828 (a potential +51.58%).
While downside risk could see BONK tumble to lower support at $0.00000909 (a possible -24.6%).
BONK price analysis therefore reveals a short-time frame BONK risk: reward ratio of 2.09 – a good entry characterized by upside potential – but facing a tough struggle with resistance on the road ahead.
But while BONK seems intent on a crash course with resistance, another emerging play is gaining rapid traction in a rival meme coin comeback – introducing Sponge V2.
Sponge V2 Launch ($SPONGEV2): Last Chance to Buy – Poised To Outperform BONK Price and Other Solana Meme Coin?
Sponge V2, the latest iteration of the renowned Sponge ($SPONGE) meme coin, is making waves in the cryptocurrency market.
Following the phenomenal success of Sponge V1, which peaked at nearly $100 million in market cap and amassed over 13,000 holders, Sponge V2 arrives with promising innovations and opportunities for investors.
How to Acquire Sponge V2, Staking Mechanics explained and P2E Integration
Happy Monday, frens $SPONGE #SpongeV2 #Web3 #Crypto #Altcoins #Bullish #100x pic.twitter.com/Cs2EeD2BKj
— $SPONGE (@spongeoneth) February 12, 2024
Acquiring Sponge V2 is unique:
Stake Sponge V1: Buy and stake V1 tokens via Sponge.vip or stake your existing V1 tokens. Earn More V2: The longer and more V1 tokens you stake, the more V2 tokens you earn.
Read more: Best Crypto to Invest In 2024
Sponge V2 introduces Play-to-Earn (P2E) utility, enhancing its ecosystem.
Stake your V1 tokens to earn V2, and engage in the upcoming P2E game to earn additional $SPONGEV2 tokens.
Moreover, this P2E game, a new utility in the Sponge ecosystem, will feature both free and paid versions for enhanced gaming and earning experiences.
Unique Aspects of Sponge V2 Over BONK Price Analysis
Exclusive Access: Earn $SPONGEV2 exclusively through $SPONGE staking. Bonus Rewards: Buying and staking $SPONGE offers special $SPONGEV2 bonuses. Passive Earnings: Staked $SPONGE tokens yield passive rewards, starting at a minimum 40% APY. Permanent Transition: Staking V1 tokens will result in their permanent locking, shifting the focus to V2 post-launch.
Sponge V2 Roadmap and Future Prospects
Sponge V2’s roadmap is ambitious, targeting 10,000 holders, Tier 1 CEX listings, and a $100M market cap.
The launch stages include the Sponge game’s development and the Sponge V2 claim and listing.
Sponge V2 is not just a sequel to its predecessor; it’s a reinvention with a focus on utility and community engagement.
The integration of P2E and exclusive staking mechanisms make it a standout project in the meme coin domain.
Stay updated on Sponge V2’s journey through social channels and witness its growth in the crypto world.
Get Sponge V2 Here
The post Is Bonk Going to Zero? BONK Price Drops as the Latest Meme Coin Prepares to List on Exchanges appeared first on Cryptonews.
