The cryptocurrency market is cooling off over the past two days following positive Ethereum ETF news, and we aren’t seeing much price action.
However, meme coins are always an interesting topic, and BONK’s price has pumped over 30% this week, threatening to surpass dogwitfhat (WIF) as the biggest Solana meme coin in terms of market capitalization. Let’s dig in.
BONK Price Analysis – BONK Price Prediction
The BONK Price is up over 30% this week and trading around $0.000034. This Solana meme coin is now very close to its all-time high set in March this year at around $0.000037. Its market cap has swelled to $2.3 billion.
CryptoBoss, an analyst with over 160k followers on X, tweeted that he expects BONK to pump “much higher” and based on his chart analysis, he set the next price target at around $0.000048, representing a potential upside of over 40% from the current price.
$BONK Update: higher, much higher 📈 https://t.co/tyUVoEtf8D pic.twitter.com/IekW589tYJ
— CryptoBoss (@CryptoBoss1984) May 23, 2024
Regarding the technical analysis, the MACD line is above the MACD signal line, indicating bullish momentum. The RSI is at 52, suggesting the asset is neither overbought nor oversold.
The 99bitcoins YouTube channel with over 700k subscribers posted a video about BONK, highlighting that the rise of meme coins like BONK is indicative of a bullish market. They noted that the BONK price is performing well in the last few days, suggesting growing investor confidence. BONK’s bullish momentum started after finding support around the $0.0000215 mark, and it has since risen significantly since.
BONK has surpassed its 50-day exponential moving average on the 4-hour timeframe, and a bull flag continuation pattern is forming on the daily BONK chart, indicating potential for further gains. Based on this analysis, BONK could potentially reach $0.000045-$0.000050 in the near term.
Meanwhile, dogwitfhat (WIF), another popular Solana meme coin, barely moved this week, so BONK outperformed it. However, BONK still has some catching up to do if it wants to become the biggest Solana meme coin, as WIF’s market cap is still around $3 billion.
Best Solana Meme Coins to Buy Right Now
In the same video, 99bitcoins highlighted two promising Solana meme coins to consider investing in. The Sealana presale is performing excellently, nearing a $3 million milestone. This is an increase from its initial daily figures of $25,000 to $50,000, now reaching $250,000 per day. The rapid growth in presale activity highlights effective marketing and growing interest for this new meme coin on Solana.
Dogeverse is another meme coin to watch, as it is accessible and tradable on multiple platforms, including Ethereum, BNB, Matic, Avalanche, and Solana. Big investments are being made in Dogeverse, with single purchases exceeding $190,000, indicating a pretty strong interest from large investors (whales).
Notably, the Dogeverse website experienced accessibility issues, but the team quickly addressed and resolved these within a few hours, demonstrating strong community engagement and transparency.
Conclusion
All in all, the BONK price has surged this week, outperforming other Solana meme coins like WIF. While BONK’s price prediction looks promising, with potential targets around $0.000045-$0.000050, it still trails WIF in terms of market capitalization. Investors interested in Solana meme coins should also consider the promising presales of Sealana and Dogeverse.
