Coinbase Effect? Dogecoin Rival BONK Soars 75% Analyst Projects ’20x’ Surge For The Meme Coin
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Solanas SOL/USD meme token BONK BONK/USD has recorded a 75% increase in price within a 24-hour period. It is now standing out as one of the lead performers in the CoinMarketCap top 100 cryptocurrencies.
What Happened: BONKs trading volume has skyrocketed by 140%, reaching $681 million, as per the latest figures obtained from CoinMarketCap.
The two biggest meme cryptocurrencies by market capitalization Dogecoin DOGE/USD and Shiba Inu SHIB/USD were up 4-6% in the last 24 hours.
The rise in BONK's price can be attributed to Coinbase, a cryptocurrency exchange platform adding Solana's meme coin to its roadmap.
Additionally, BONK has added its community with the debut of BONKBot, a program designed to facilitate the trading of crypto assets on Telegram.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Joe Vezzani, CEO of social intelligence firm LunarCrush, acknowledged the stride of BONK, tweeting, $BONK and $WOO at the top of the AltRank list. Were baaaacckkk.
$BONK and $WOO at the top of the AltRank list.
We’re baaaacckkk.@bonk_inu @WOOnetwork https://t.co/3RcVSWc0H3 Joe Vezzani (@joevezz) December 15, 2023
The pseudonymous crypto analyst Kaleo pointed to an even brighter future for BONK, predicting a possible 20-fold increase in value.
20x for $BONK ? pic.twitter.com/GkRmHBGX4A K A L E O (@CryptoKaleo) December 14, 2023
Meanwhile, crypto analyst Ali Martinez provided a more cautionary perspective, suggesting that BONK could be heading toward a month-long correction period. He based this forecast on the reversal of a key market indicator which is presently signaling a potential sell-off.
Photo by stockphoto-graf on Shutterstock
Price Action: At the time of writing, BONK was trading at $0.000024, according to Benzinga Pro.
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