$BONK Becomes the Third Largest Meme Coin – Bonk Coin Price Analysis
The pool of new coins and meme tokens keeps expanding with more digital currencies and innovations pushed in this space. Meme coins have been trending for years now in the crypto market, especially after the introduction of Dogecoin and Shiba Inu.
$BONK is the newest – and probably the largest – addition to the meme coin pool, creating crypto tokens based on sarcasm and public attention. However, a year after its launch, Bonk coin started delivering its promises.
Recent announcements by exchanges drove the Bonk coin price higher, drawing the attention of crypto communities. Let’s review the developments in this bonking meme coin.
What is Bonk Coin?
$BONK is a new meme coin created on the Solana blockchain in December 2022 during the infamous FTX collapse. In fact, the repercussions of Sam Bankman-Fried’s news and FTX foreclosure affected the Solana network, and the developing team decided to come up with a new meme coin to draw some attention and investment to the blockchain.
The release of $BONK aimed to become the #1 community coin, calling it “The Dog Coin Of The People” and “for the people, by the people”, given that the founding team consists of 22 team members without centralised leadership.
Upon its launch, developers conducted a random Bonk airdrop to the SOL community, including NFT creators, artists and crypto enthusiasts, which contributed to increasing Bonk crypto price by over 30%.
Bonk Coin in 2023
The low-profile performance of $BONK continued until October 2023, when major crypto exchanges, like Binance and Coinbase, announced listing the meme coin on their platforms with multiple pairing options.
These updates helped $BONK break the $0.000001 threshold after trading under this price point for most of the year. Moreover, bonk cryptocurrency trading volume returned to January 2023 levels after reaching $20 million, after trading volumes below $10 million between February and the beginning of October.
The news about bonk Solana’s growth was accompanied by positive sentiments from top crypto analysts, such as Jacob Crypto Bury and the CoinCodex price prediction platform.
By the last week of December 2023, the $BONK trading volume had reached almost $2 billion, and there was over 650% price growth within a couple of weeks. Today, Bonk coin is ranked 3rd largest meme coin.
Bonk Coin Price
We analyse $BONK growth by tracking the bonk price chart in different timelines to find out short-term and long-term market trends. We conducted the analysis using the exponential moving averages on three different periods (10 days, 50 days, and 200 days).
Firstly, we compare the 10-day EMA line against the 50-day EMA line to study short-term price action. We see that both lines almost move in the same trajectory for most of the time until the first week of November.
Starting from November 7th, the 10-day line starts moving away and over the 50-day line, retracting and pushing away from the purple line.
However, from the beginning of December, the 10-day line diverges widely above the 50-line EMA indicator, marking a strong price surge from previous levels. $BONK price increased by over 145% during the first week of December. The short-term bullish movement reached its peak on December 16th when the price reached $0.000035 for the first time since launching the meme coin.
After December 16th, the prices settle, and the blue 10-day line drops and moves closer to the 50-day EMA line.
Then, we analyse the long-term price action by comparing the 10-day line with the 200-day line on the bonk chart. As the chart below shows, we see a bigger divergence between the 10-day and 200-day lines here, indicating a strong bullish movement.
In fact, after reaching the peak price point on December 16th, the 10-day line drops slightly but remains far over the 200-day EMA indicator, hinting at longer growth over the next weeks or months.
Bonk Coin Price Prediction
The continuing $BONK price growth depends on the utility introduced by the developing team and the potential enlisting on decentralised exchanges, like Gemini and Kraken.
Listing the Bonk coin on more exchange platforms is usually associated with an increased investor interest in the meme coin, leading to higher demand and increased prices.
