BONK Price Today: Can It Catch Up to DOGE, SHIB, and PEPE?
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The meme coins market has seen a growth of nearly 3.1% in the last 24-hours. Among the top five meme coins, Bonk, the fifth largest meme coin by market cap, has registered the highest 7-day change of +97.8%, compared to Dogecoin’s +26.5%, Shiba Inu’s -2.5%, Pepe’s +66.9%, and dogwifhat’s +15.7%. On Coinbase Exchange, with a 24-hour trading volume of $301,612,088, the Bonk/USD pair currently leads as the top meme coin trading pair. The most sensational question that the meme coin community is discussing is: ‘could Bonk be the next big meme coin? Time to do an in depth analysis. Let’s begin!
Bonk’s Recent Surge: A General Overview
On November 5, the Bonk price was around $0.00001779. By November 17, it reached a peak of $0.00005124, marking an astounding rise of 188.027%. In the last 30-days, the Bonk market has reported a surge of 114.5%. Notably, on Coinbase Exchange, the BONK/USD pair, with a 24-hour volume of $301,612,088, have outperformed prominent meme coin pairs like DOGE/USD ($229,977,462), SHIB/USD ($80,930,018), and PEPE/USD ($73,229,990). Reports suggest that the factors that have influenced the recent growth of the Bonk meme coin market are speculative trading and community enthusiasm.
Bonk Technical Analysis: Analysing a Key Chart Pattern
A triple bottom pattern has been observed in the weekly chart of Bonk. Analysing the pattern, it becomes evident that the market has successfully broken out of the pattern. A triple bottom chart pattern is a bullish reversal chart pattern. A breakout from this pattern is regarded as a bullish trend, as it leads to a sharp shift in price direction.
Is Bonk an Undervalued Meme Coin?
The current market cap of Bonk is $3,551,489,984. It is the fifth largest meme coin by market cap, following Dogecoin ($54,700,866,125), Shiba Inu ($14,918,954,787), Pepe ($8,864,343,895), and dogwifhat ($3,607,190,677). Many meme coin enthusiasts believe that BONK is undervalued compared to DOGE, SHIB, PEPE and WIF.
Investors are always keen to invest in healthy, undervalued assets, as they know that these have immense potential to maximise their returns. Reports say that the low market cap of and high trading volumes of Bonk has made Bonk one of the most attractive meme coins for both retail and institutional investors. Crypto analysts predict that the recent price surge of BONK could attract new investors to the market.
The Role of Token Burns in the Bonk Market
Recently, BonkDAO burned at least 100 billion tokens. Reports indicate that at least 1 trillion more tokens may be burned next month. Token burning generally increases the value of an asset, as it reduces the number of tokens in supply. Reports also note that daily burns occur in the Bonk market through activities within Solana’s ecosystem, such as bets, holiday cards and trades.
In conclusion, with its aggressive growth, planned token burns, and active community engagement, BONK shows strong potential to become a standout meme coin.
