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Journalist
Hassan Shittu
Journalist
Hassan Shittu
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Amid the ongoing market rally, Bonk (BONK) has seen a notable surge following its listing on Binance.US at 6 AM EST, with a BONK/USDT pair becoming available for trading.
The move has catapulted the Solana-based meme coin into the spotlight, resulting in a massive price jump which brought BONK to a new high.
But could this be just the beginning for BONK? With recent technical indicators and increasing demand, some wonder whether it could soon overshadow established meme coin heavyweights like Shiba Inu (SHIB) and Floki (FLOKI).
The Surge and Correction Cycle: Will Bonk Dethrone Shiba Inu and Floki?
Bonk’s price history has been a rollercoaster ride, with big highs and sharp corrections.
The token reached its all-time high of $0.00003771 on March 5, 2024, but then saw a massive 75% drop, bringing it to $0.000012 by April 13.
Since then, Bonk has shown signs of a potential comeback, experiencing fluctuations throughout the year.
In July, the token reached a lower high of $0.000034 before hitting a low of $0.000015 in August.
After a period of consolidation, Bonk surged again to $0.000026 by October 1, only to face rejection at descending channel resistance.
By November, the price surged again, breaking resistance and signalling a potential bull phase. A 100% increase brought it to $0.000038 today.
At the time of writing, BONK is trading at $0.000038, having increased 26.7% in the past 24 hours.
Technical analysis shows that Bonk is currently testing new highs, having just broken out of a six-month descending wedge pattern.
If this uptrend continues, a potential rally of up to 92% could push the token to a target of $0.00004800.
However, the token’s ability to maintain upward momentum hinges on the $0.000026 support level.
If this level holds, Bonk could continue its bullish trend, with the next target being a higher high of $0.000040.
An important factor fueling this optimism is Bonk’s funding rate, which is currently positive and rising.
This suggests that more traders are betting on the token’s price going up, increasing confidence in its future performance.
With Binance.US expanding the token’s reach and the market’s growing interest in Solana-based assets, Bonk is gaining traction.
In contrast to Bonk’s breakout, Shiba Inu has followed a more traditional technical path, adhering to an Elliott Wave pattern.
Shiba Inu is in the second wave of a corrective phase, with expectations for a strong rally in the third wave.
The asset has recently been correcting, with support at $0.000020 being key to maintaining its upward potential.
If Shiba Inu can hold this level, it is set for a massive upward move, with resistance targets ranging between $0.000035 to $0.000040.
However, recent market volatility has created challenges for SHIB.
The long-awaited golden cross — when the 50-day moving average crosses above the 200-day moving average — triggered hopes of a bullish run, but the price experienced a sharp 16% drop over the next two days.
Despite this, Shiba Inu’s layer-2 solution, Shibarium, continues gaining traction, with 500 million recent transactions.
Bonk is capitalizing on the momentum in the meme coin space, particularly in the Solana ecosystem.
As the only Solana-based meme coin among the top 100 cryptocurrencies to post gains in the past 24 hours, its performance stands out.
The positive sentiment surrounding Bonk is helping it grow rapidly, positioning it as a potential challenger to Shiba Inu and Floki.
If Bonk can continue its upward trajectory, it may challenge Shiba Inu’s supremacy and outshine it in the short term.
The upcoming weeks will determine whether Bonk can maintain its momentum, especially as it faces resistance at key levels.
Should it breach these levels, it could trigger a new growth phase.
FZ Token: A New Contender in the Meme Coin Arena with Game-Changing Utility
Amid the rising competition among meme tokens, the FZ token has entered the scene with unique features that leverage community power and practical utility.
Unlike Bonk, Shiba Inu, or Floki, primarily seen as community-focused tokens with speculative interest, FZ is establishing itself as a utility-rich digital asset that could redefine how meme coins are perceived.
The token is built on a highly scalable blockchain, and it combines the viral appeal of meme coins with tangible applications, especially in areas like decentralized finance (DeFi) and community rewards programs.
What truly sets FZ apart from other meme tokens is its built-in staking and reward mechanisms, which enable holders to earn passive income simply by holding and staking the token.
Unlike Bonk and Shiba Inu, where staking rewards and DeFi integration are add-ons, FZ has integrated these features.
Compared to BONK’s recent surge within the Solana ecosystem, FZ provides cross-chain compatibility, making it accessible on multiple blockchains, including Ethereum, Binance Smart Chain, and Polygon.
With only a few unique features mentioned above, the token has gained much attention, and its presale performed well.
$1.6M has been raised out of the $1.8 target just with days.
Interested investors are urged to jump on the train now, when 1 FZ token can be obtained at a steal price of $0.0060049 before they get left behind.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
