Popular Solana-based meme coin Bonk has risen 42% since in the past week and 36% in the last 24 hours alone. Currently trading at $0.000034, Bonk is now approaching to its all-time high.
This surge is mainly due to recent positive news about the Ethereum ETF which also helped many other altcoins rise.
In light of this surge, much of the community is asking which meme coin to invest in next. WienerAI (WAI), the latest offering in the AI-meme coin genre, has also started to catch steam in its ICO.
Will Bonk reach its new all-time high in the ongoing bull wave? Read on as we explore more about the Bonk price and the $WAI ICO in this article.
Bonk Price Up 42% – Price Chart Shows no Sign of Slowdown
The recent bull wave that has gripped the crypto market has boosted support for Bonk. The multi-utility meme coin has also experienced a 249% increase in its trading volume over the last 24 hours. Furthermore, its market capitalization has crossed the $2.1 billion threshold.
Like most Solana-based meme coins, this project is also outperforming all the traditional assets. Can it possibly grow even more?
It is highly likely. According to CoinCodex, one of the leading technical analysis providers on the market has predicted that Bonk can potentially rise by 223% within the next month.
The platform has also given a deep, long-term analysis of this token, stating that the current price action means it could grow by 330% in 2025.
Bonk Price History and Why It Is Surging Now
Released on Christmas Day of 2022, BONK took about one year to get noticed by the larger crypto community. Its first surge happened in December 2023, and by March 2024, BONK had climbed to its all-time high, reaching $0.000048.
That surge was followed by a 40-day correction period during which the BONK price plummeted by 74.75% before trending sideways. On 20th April 2024, BONK pumped once again, moving up by more than 184% in the last 38 days.
The last two green days for BONK have been particularly large due to the positive news that came from the regulatory front.
The United States Securities and Exchange Commission recently gave its ruling on Ethereum ETF applications, asking applicants to update their 19b-4 filings.
Like always, the entire community translated it as positive news, which led to the rally for major cryptocurrencies. Bitcoin got closer to its all-time high, and Solana also experienced a surge of double digits.
BONK, being a Solana-based meme coin, outperformed SOL and experienced an even bigger pump.
However, the BONK community itself has been very nonchalant about it, treating this day as any other and tweeting, “New day time to BONK!”
New day time to BONK
— BONK!!! (@bonk_inu) May 21, 2024
Bonk Price – Technical Analysis
The BONK price is currently just above its 20-day simple moving average (SMA), which acts as its support in the short term. On 6th May 2024, the token’s 20-day and 50-day moving averages intersected, preluding the recent surge.
The meme coin’s Fibonacci Retracement chart shows that its current resistance support is $0.00003 (0.5 fibs), and its current resistance is $0.00003439. When BONK crosses the current resistance, the $0.000039 will act as its next resistance level; a move above that point will allow BONK to test its all-time high.
However, the chart also revealed that a correction may be coming soon. BONK’s Relative Strength Index (RSI) has crossed 70, which means a drop can happen at any time. If the token manages to stay above the current price point for longer, this price prediction will be nullified.
Meanwhile, a popular crypto YouTube channel, 99Bitcoins, which boasts over 705,000 subscribers, has chimed in and given its own BONK price prediction.
Revealing his bullish outlook on BONK, the YouTuber said, “Bitcoin is testing $70k per coin today. If that happens, most meme coins could be testing their all-time highs.”
This prediction has come to pass, as Bitcoin surged to $73k before correcting to $70k, and BONK is getting closer to testing its all-time high.
Which Meme Coin To Invest In Next
While Bonk is on its way to retest its ATH level, uncertainty remains about whether the token will be able to sustain itself for longer. BONK has multiple use cases, but most of them are part of decentralized applications with only a small audience.
Many investors looking for an alternative meme coin with a good use case are considering newer meme coins branching out into AI.
Created as an AI meme coin with its lore rooted in science fiction, WienerAI is a project that has has also been surging in demand in its ICO, ahead of its upcoming listing on exchanges.
Originally described as part wiener, part AI, part sausage, WienerAI has also now introduced a crypto trading bot and now describes itself as a part AI trading bot.
The bot features AI-enhanced trading that enables in-house predictive algorithms. Additional perks include seamless sausage swaps and zero fees. With MEV protection, this bot also comes with safeguards against trade manipulation.
These attributes and the quirky character highlighting the project have led WienerAI to raise close to $2.5 million in its ICO.
