BONK has shown significant increase in the last six months from October 2023, giving a price increase as high as 21,000%.
While it seems absurd, most meme coins have been rising significantly with the price of Bitcoin where the Bitcoin itself has reached a new all time high.
Most of these meme coins usually have a stable increase as long as the whale market condition is positive.
But, one thing that might increase the volatility of those cryptocurrencies are usually new listings, where investors might dump the price after listing but will immediately recover it after the waves have settled.
Will this also happen with BONK? Let’s take a closer look into its price movement from the last couple of days.
Will BONK Go Higher?
BONK has risen for around 21,000% in the last couple of months, giving investors huge profit if they got in early.
The token itself is a meme coin in the Solana Ecosystem that was launched in December 2022 to the Solana Community as a christmas gift.
It was originally given for free as airdrops, which is why it attracted a lot of people, especially airdrop hunters because of the airdrop season that started a couple of months ago.
The price itself has shown astonishing movements as the price increase is still continuing to happen even after the 21,000 increase.
In the last couple of days, the price itself has significantly risen inline with the whole market condition, especially with Bitcoin itself.
But currently, the price is consolidating around $0.0000298 and $0.000034 which is a result of the past listings that just happened.
BONK After Listings and Partnerships
BONK has just been listed on some of the biggest exchanges in the world and also on non crypto focused platforms such as Robinhood.
While the news seems to be positive, it is not as good for its current price surge, as listings on platforms tend to give out corrections from people that are selling them on those platforms and exchanges.
But the good news is that usually all of these investors will start to buy more, so in the long run, if the positive sentiment continues, usually even a meme coin will receive huge buying volume from investors on those exchanges.
Currently the price movement itself is not showing significant signs as the fundamentals from the BONK itself is currently unclear.
There are no development plans that are going to be rolled out anytime soon, there is also not much new partnership that is being done, so there is not enough fuel to continue the price surge currently.
But, with that in mind, the price seems to be moving steadily around the consolidation zone, where if the price broke the $0.000034 resistance, it might come back to its previous high of around $0.000047.
If the Solana Ecosystem continues to be bullish, then there might be potential for this meme coin as it is not useless, unlike most meme coins.
BONK itself can be used for many things in the Decentralized Finance or DeFi space on the Solana Ecosystem.
Most people are using it as complementary staking tokens to increase their point when farming airdrop points on new DeFi Platforms.
But some investors are genuinely using BONK for returns as the returns itself is not bad. So overall, looking at BONK it is possible that this token might continue to go up, but that is only if the Solana Ecosystem and the whole market continues to be positive.
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