Last updated:
Author
Simon Chandler
Author
Simon Chandler
Share
Why Trust Cryptonews
Ad Disclosure
We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
Bonk has risen by 0.5% in the past 24 hours, with its move to $0.00003175 coming as the cryptocurrency market drops by 1% today.
The meme coin is now down by 12% in a week and by 31% in a month, while it has also declined by 45% since reaching an all-time high of $0.00005825 on November 20.
Yet signs suggest that Bonk is on the cusp of a big comeback, with its DAO announcing plans to burn at least 1 trillion BONK by December 25, as part of its ‘BURNmas’ event.
In fact, the BURNmas tracker now suggests that 1.6 trillion BONK is on course to burn, while its founder says that $0.11 is its long-term price target.
BONK Targets 1 Trillion Burn by Christmas – Could Prices Explode 328,000%?
First announced via a November 15 blog post, BURNmas is a essentially a kind of publicity drive in which, in addition to all the burning, Bonk’s DAO and team are encouraging community members to draw attention to the token.
The way BURNmas works is that, for every tweet using the #LetsBONK hashtag, Bonk DAO will burn 100,000 BONK.
So far it seems that the community has been exceeding expectations, with the projected burn total now standing at 1.6 trillion BONK.
This amounts to 1.7% of the total BONK supply, and 2.2% of the circulating supply.
Given that these are fairly modest percentages, it may come as little surprise to see that the BONK price hasn’t really reacted to BURNmas.
If anything, it has gone down, in step with the wider market, which is nursing a post-election-rally hangover.
Yet if we look at BONK’s chart today, we see that it may have touched an intermediate bottom, with its RSI (purple) beginning to pick up again after falling almost to 30 a few days ago.
At the same time, the coin’s 30-period average (orange) has potentially finished falling in relation to the 200-period average (blue), and we may see it climb further above the longer term indicator in the coming days and weeks.
One area of concern, however, is that BONK’s trading volume remains low in relation to its peaks in November, at $300 million today.
Yet the inauguration of Donald Trump next month could provide the wider market with another lift, while subsequent months may see the arrival of crypto-friendly legislation.
In such a context, BONK may return to $0.000050 by Q1 2025, before reaching $0.00010 by Q2.
New Meme Tokens with Strong Fundamentals
Traders skeptical about BONK may prefer to investigate newer tokens, particularly low-cap coins that are still looking forwards to enjoying their initial breakout gains.
Identifying such coins can be tricky, but one way of narrowing down the field is to look for a popular presale coins, which can often rally strongly when they list.
One token on course to do this is Flockerz (FLOCK), an ERC-20 coin that has raised $7.7 million in its ongoing sale.
Flockerz is the market’s first ever vote-to-earn token, enabling its holders to earn rewards for voting on governance and update proposals.
Given that all governance decisions will be put to the community, holders of FLOCK could therefore end up earning a tidy sum from the new coin.
Not only that, but holders will be able to stake the token, earning a passive income on top of any governance rewards.
FLOCK boasts a capped supply of 12 billion, with 20% of this going to the sale, 25% to staking, and another 25% to governance rewards.
Investors can join FLOCK’s presale by going to its official website, where they buy the coin at a price of $0.006504.
The presale will end in 30 days, so newcomers should act quickly, while they can still buy the token at a discount.
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.
