Bonk Price Prediction as Market Cap Suffers – Are Investors Shifting to Newer Cryptos?
The Bonk price has slumped by 7% in the past 24 hours, plunging to $0.00001093 on a day when the wider crypto market continues to correct following this month’s Bitcoin ETF approvals.
BONK has now declined by 22% in a week and by 40% in the last 30 days, although the Solana-based meme coin remains up by 800% in the pat year.
However, at one point in mid-December it was up by an astonishing 32,000% from its all-time low of $0.000000078614, recorded in December 2022.
As such, it may be the case that BONK is suffering from a long-term and possibly terminal decline, with traders now turning to newer meme coins and small-cap alts.
There’s currently no technical indicator which suggests that BONK is about to shoot up anytime soon.
Its 30-day moving average (yellow) has begun the process of sliding down towards its 200-day average (blue), while its current price has also dropped below the 30-day, which is never a positive sign.
Meanwhile, BONK’s RSI (purple) has just slipped to 40, after seeing a mini-recovery to nearly 60 a couple of weeks ago.
It therefore seems like a long time since the indicator passed 80, which was back in mid-December.
Just as disturbing is the meme token’s trading volume, which currently stands at an all-but insignificant $40 million.
Given that this reached as high as $500 million (and that major tokens are trading in the billions), it would definitely seem that the market’s interest in BONK has dried up.
There have been no recent big transfers involving whales, although one large trader continues to sit on a trove of some 314 billion BONK, worth around $3.45 million.
This smart trader who made ~$6.9M on $BONK spent 386 $SOL($40K) to buy 3.29B $BONK again today!
He accumulated 371.4B $BONK in 9 months at a cost
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