Bonk Price Stagnant as Market Cap Drops Below $1 Billion
The price of Bonk has remained unchanged in the past 24 hours, holding steady at $0.00001011, reflecting the overall stability of the crypto market.
However, Bonk has experienced a 15% decline over the past week and a 6.5% drop over the past month, causing its fully diluted market valuation to fall below $1 billion.
Since mid-January, Bonk’s market cap has been below $1 billion, currently sitting at $615 million, indicating a significant loss in popularity.
Despite this decline, analysts believe that Bonk could make a comeback in the future, especially with expectations of a bull market later this year and its continued popularity among whales.
Bonk Chart Signals Weakness and Loss of Momentum
The chart for Bonk shows weakness, with indicators suggesting a loss of momentum that may worsen before a recovery occurs.
For example, the coin’s relative strength index (RSI) has been steadily declining since mid-January, slipping below 40.
The price of Bonk has also fallen below its 30-day moving average, which often indicates further declines before a potential turnaround.
Furthermore, the trading volume for Bonk has plummeted by 91% in just a few weeks, signaling a sharp decline in interest for the meme coin.
Whale Holding Onto Bonk Raises Hope for Potential Rally
Despite the decline in interest and trading volume, there is still hope for a potential rally as one whale continues to hold onto 314 billion Bonk tokens.
This suggests an expectation that the coin may rally again in the future.
However, it is likely that Bonk will need a market-wide rally or a significant event like the Bitcoin halving in April to regain its momentum, as the coin lacks its own fundamentals.
Alternative Meme Tokens with Strong Fundamentals
If you are concerned about Bonk’s ability to recover, there are other meme tokens in the market that show promise.
Sponge (SPONGE) is one such example, with better prospects than most.
Sponge recently launched its second version, SPONGE V2, featuring a revamped staking model and serving as the native token for a play-to-earn racing game.
The new staking model offers a generous 245% AP
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