Bonk Price Dips Despite Coinbase Listing - Analysts Predict This Ethereum-based Meme Token Could Pump Instead
Release: 2023/12/14 00:04 Reading: 559
After a rip-roaring week, the Solana-based meme coin has now dipped in price. $BONK is down 35% from this week’s high of $0.000014 and went down as low as $0.0000093 - adding a zero.
$BONK has since bounced slightly and is trading at $0.000010 - however, it remains close to 15% down over the past 24 hours, following Bitcoin and Ethereum also crashing yesterday.
Bonk’s bearish trajectory is especially surprising, considering that Coinbase added the meme coin to its asset roadmap today. This indicates that Coinbase - the largest crypto exchange in the United States - is all set to list Bonk on its platform. Binance Futures - the largest crypto derivative exchange in the world - had also previously listed the Bonk perpetual contract on its platform.
The Coinbase listing is a significant victory for the Bonk community, considering that even top meme coins such as Pepe and Floki are not available for trading on the exchange. However, the token’s bearish price action has led analysts to believe that the meme coin’s price could have hit its local top.
Bonk Price Prediction - Is Bonk Going To Zero?
Bonk achieved a significant accomplishment earlier this week when it amassed a market capitalization of close to $900 million, flipping Pepe to become the third-largest meme coin by market capitalization.
However, the token’s market cap has since plummeted to $620 million. If this bearish trend continues, it could very well fall below Pepe in the list of top meme coins by market cap.
Crypto analysts are also taking a pessimistic view of Bonk’s short-term price action. Analyst Ali, who called $BONK’s 8,000% bull rally in September, now reveals that the TD Sequential Indicator is giving a “Sell Signal” to the meme coin. According to his bearish Bonk price prediction, the token could see a difficult phase that could last as long as four weeks.
Popular crypto social media influencer Ninja, who has over 200k followers on X, believes that the Bonk will be seeing a significant pull back over the coming weeks, a prediction that is also shared by other influencers such as Pauly0x.
Analyst CryptoGodJohn, who has over 500k followers on X and was initially bullish on Bonk, now believes that the top is in for the meme coin for the next few months.
Meme coins hitting a local top and plummeting after major exchange listings isn’t a totally new phenomenon. Pepe also peaked after its Binance listing. However, this does mean that traders would need to look for other assets to profit from the volatility of the meme coin market. A number of crypto analysts believe that Meme Kombat could be the next token to display a significant bull rally.
Meme Kombat - Next Meme Coin To Explode?
Meme Kombat is an innovative new meme coin with exciting play-to-earn, staking and GambleFi utility. $MK is currently in its presale phase, in which it has already raised $3 million in just over two months.
This new cryptocurrency is in the good books of a number of smart-money traders such as Crypto Tony, who has 350k followers on X. Analyst Joe Parys has gone as far as to include Meme Kombat into his list of top 5 meme coins to buy for 2024.
Crypto whales have also been quick to buy $MK in its presale, with one whale recently purchasing $100k worth of tokens. The admin of the Crypto Whale Pumps channel on Telegram - who has a knack for finding small-cap crypto gems early - has also made a sizable investment into the meme coin.
Meme Kombat has found an innovative way to capitalize on the popularity of a number of other meme coins. It is set to launch a Web3 gaming platform in which 11 fictional characters - each representing popular meme coins such as Doge, Shiba, Pepe, Floki, etc - will engage in AI-simulated battles.
The outcome of the battles will be decided on-chain using random sequencing, which offers unpredictability and allows players to bet on their favourite characters. Players can compete against each other in various gaming modes such as player vs player, player vs game and direct betting.
Meme Kombat investors will have an excellent opportunity to balance their risks with rewards. They can stake their tokens and start to accrue passive income right from the presale itself, currently at an APY of 290%. Later, they could choose to allocate a portion of their staked tokens towards gambling.
The project has also taken strong steps to quell any fears of scams or rug pulls, starting with disclosing the identity of all developers behind the token, including its founder Matt Whiteman. The token smart contract has also been audited by Coinsult, which did not reveal any vulnerability or centralization risk.
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