The market’s third biggest Doge-inspired meme coin, BONK, has rallied 6% in the last 24 hours to trade at $0.00001055 at the time of writing.
That’s just over 1% higher than it was this time last week, but the token has shedded 20.5% of its price in the last thirty days due to bearish sentiment.
Today’s breakout spurt is buoyed in part by a market-wide rally that added 4.6% to market leader Bitcoin and 3% to its closest contender, Ethereum.
BONK is issued on the Solana blockchain.
The network’s native SOL token is also doing well, posting growth of 7.4%. Since late 2023, BONK’s rallies have often mirrored those of its parent network token.
BONK’s Relative Strength Index (RSI) is currently sitting at around 58, which indicates healthy buying. When that number increases to 70, as it did earlier today and several times throughout January, the token is considered overbought, and thus overvalued.
The coin is currently sitting above its 30-day moving average, as seen by the pale blue line. This indicates better than normal near-term performance.
Memecoin BONK: A Primer
BONK launched on Christmas Day, 2022, shortly after the collapse of FTX dealt a major blow to the public image of the closely affiliated Solana blockchain.
Its creators airdropped 50% of the token’s total supply to various developers, NFT holders, creators and artists.
It hit an all-time high in the middle of the following December, when it traded at $0.00003416. Today’s price reflects a 70% pullback from that.
With its current market cap of $641,624,033, BONK is the 109th biggest cryptocurrency by market capitalization. That’s some way off the capitalization of the original, number one, Doge-based memecoin, Dogecoin (DOGE), which corners $11.5 billion of the market and sits in eleventh place. Dogecoin also utilizes its own Proof-of-Work blockchain.
Shiba Inu (SHIB) over on Ethereum is also way ahead, capitalizing $5.5 billion of the market.
Still, today’s BONK rally outdoes both its competitors in the last 24 hours. DOGE added 2.2% and SHIB added 4%.
Better than BONK
In a market saturated with meme coins, two clear projects dominate the Doge/Shiba Inu corner: DOGE and Shiba Inu. BONK’s fate is too closely pegged to Solana’s for their to be much scope for a breakout anytime soon.
That said, all meme coins are notoriously more volatile than tokens and coins backing projects with obvious utility. One project that is still up-and-coming and has plenty of space to grow is the Ethereum-based Bitcoin Minetrix. Its native token, BTCMTX, is still in presale and has already swept up a tidy $10.4 million.
Its business model is best described as cloud mining done simple.
China’s latest crackdown on #Cryptocurrency mining signals a major shift in the regulatory landscape. 🇨🇳
Will this push towards energy conservation lead to a more sustainable future for #Crypto, or will it simply relocate mining operations elsewhere? 🌍#BitcoinMinetrix has… pic.twitter.com/3GkQeLND6F
— Bitcoinminetrix (@bitcoinminetrix) February 5, 2024
Users purchase BTCMTX and stake it on the platform for tokenized mining credits, which they can then spend on hash power, the fuel underpinning all global Bitcoin mining operations. The more hashpower you own, the more Bitcoin you’re mining. In addition, rewards for staking are paid out in BTCMTX, creating a platform with a lucrative double stream of revenue.
If you want to get in on the action, simply
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
