Bonk Price Prediction as It Falls 6% – Is the Meme Coin Hype Fading?
Bonk (BONK) is down another 6% on Friday, taking its run of losses since hitting all-time highs in December to nearly 70% as meme coin hype continues to fade.
BONK/USD was last changing hands on major cryptocurrency exchanges at around $0.000011, a far cry from its peak a few weeks ago above $0.00003.
Despite its torrid time in recent weeks, BONK remains the third largest meme coin in the crypto market as of Friday with a market cap of around $700 million, lagging only Dogecoin (DOGE) and Shiba Inu (SHIB), which have market caps of $11.8 billion and $5.8 billion respectively.
BONK is also still up by more than 6,200% versus its October lows under $0.0000002, with a market cap of still around $200 million that the fourth largest meme coin Pepe Coin (PEPE).
While Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has had a strong start to 2024, picking up where it left off in the final months of 2023, meme coins have generally been performing badly in recent weeks.
Dogecoin and Shiba Inu are both down around 5% so far this year and nearly 20% down versus December’s highs, so it’s not just Bonk that has been performing badly.
The number of active users trading Bonk on the Solana blockchain has been trending lower in recent weeks, as per a Dune dashboard.
That’s indicative that crypto investors are taking fewer riskier bets.
But should spot Bitcoin ETFs get approved in the coming days, as many are expecting, this could inject fresh risk appetite into the market, which could benefit meme coins like Bonk.
For now though, BONK price predictions are likely to remain bearish, with BONK in a clear technical downtrend.
Key support in the low $0.000009s could soon be tested.
Bonk’s low market cap of only around $700
