Is Bonk Going to Zero? BONK Price Drops 6% as Attention Moves to Newer Meme Coin
With the recent introduction of its ‘PooperScooper‘ feature to enhance user interaction and asset management, BONK is looking to turn around its stagnant price action and bring new users to its ecosystem. The initiative is part of a broader effort to carve out a space in the highly competitive meme coin market.
However, despite such efforts, BONK‘s price has now entered a consolidation phase after seeing a meteoric 7,538% price increase over three months fueled by the meme coin craze.
As Bonk takes a breather from its bull run and other meme coins like Shiba Inu (SHIB) have also seen their biggest gains behind them, meme coiners are turning their attention to emerging alternatives that could be the next viral hit. One project seeing major hype in the space is Meme Kombat, which ingeniously fuses meme coin culture and gaming.
In Meme Kombat’s Ethereum-powered battle arena, popular internet memes will come to life for users to wager and win prizes in $MK, the platform’s native token. Having raised over $6.9 million so far in its presale, Meme Kombat has demonstrated strong early traction.
As of the latest data, BONK is trading at $0.0000138 with a market capitalization of $893.6 million. There’s been a 17% decrease in the 24-hour trading volume, totaling $159.4 million, and in the 24 hours, the BONK price has decreased by 2.66%.
Moving Averages and Indicators
The moving averages tell a nuanced story. The 20-day EMA is currently at $0.00001391, slightly above the 50-day EMA at $0.00001410 and the 100-day EMA at $0.00001419. This close proximity of EMAs suggests that the BONK price is in a tight consolidation zone, with the potential for a breakout in either direction. This indicates a high risk for traders taking positions
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