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Simon Chandler
Author
Simon Chandler
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The Bonk price has dropped to $0.00002108 today, marking a 6% decline in the past 24 hours and a 16% fall in a week.
These falls come as the cryptocurrency market loses 3% in a day, with lingering uncertainty over the Middle East, the US election and the wider global economy undermining prices.
Yet BONK’s troubles over the past week or so haven’t done too much to dampen its medium- and long-term performance, with the meme token – the 61st biggest coin in the market – still up by 27% in a month and by over 9,000% in a year.
And what’s encouraging today is that, despite the selloff, BONK’s trading volume remains elevated at roughly $500 million, indicating sustained demand.
Bonk Price Analysis: $500M Volume Pushes BONK Toward $1 — Is a 10x Rally on the Horizon?
At the moment, BONK is clearly on a downwards trajectory and will likely have to fall further before it begins recovering in a more concerted way.
Its relative strength index (purple), for instance, has slipped from well over 70 a few days ago to around 40 today, with more space to decline further before it becomes too oversold.
More tellingly, BONK’s 30-period average (orange) has just dropped below the 200-period average (blue), forming a ‘death cross’ that usually predicts a significant dump.
Yet BONK’s relatively high trading volume may indicate that any decline will be relatively short, with demand seemingly pouncing on today’s sale.
While we haven’t seen any big BONK transfers in recent weeks, it’s interesting to note that the coin’s biggest whale continues to stash some 2.41 trillion BONK.
This is worth around $50 million, and accounts for 2.5% of the meme token’s overall supply.
That the whale has continued to hold on to their BONK throughout the recent ups and downs would indicate that they expect it to rise much higher over the longer term.
There’s good reason to expect this, given that the Solana-based BONK has been one of the best-performing top-100 coins of the year.
We have previously forecast that the Bonk price could reach a high of $0.00010200 in 2025, which would represent an increase of over 380% on its current price.
This may be ambitious, but the wider market has shown signs of heating up in recent weeks, ever since the Fed cut rates.
And with BONK being one of the most popular meme coins in the market, it’s likely to ride any market wave.
New Presale Coins Bring Big Potential
Bonk looks as though its recent momentum will last for a while yet, but it won’t be the only meme coin outperforming the market this year.
We’re also likely to see various newer tokens do well, including several presale coins that have been attracting lots of followers and investors.
Arguably the most successful presale coin right now is layer-two project Pepe Unchained (PEPU), which has raised a very impressive $18 million.
Pepe Unchained is rolling out an L2 network for Ethereum, which will provide speedy transactions and low fees.
It will also offer an instant bridge between Ethereum and its own network, with the network’s efficiencies also enabling it to issue double the staking rewards it would have as an ordinary Ethereum-based token.
It’s planning to grow into one of the market’s biggest ecosystems for meme tokens, competing with other layer-two networks such as Optimism, Base and Arbitrum.
Its native token will have a max supply of 8 billion PEPU, with its protocol allocating 30% to staking and 20% to its presale.
One of the most encouraging aspects of Pepe Unchained is its growing community, with its official X account now reaching over 38,000 followers.
Read More: Pepe Unchained Price Prediction
Investors can join PEPU’s sale at the coin’s official website, where they can buy PEPU using either ETH, BNB, USDT or fiat currency.
It’s now selling at $0.00994 per token, although this will rise several more times before the sale ends.
And given its popularity, this price could possibly even explode once the coin lists on trading platforms.
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.
