Solana meme coin Bonk (BONK) charted a 20% rise in just three days from May 1st – 3rd from $0.00002296 to $0.00002763 per token. That puts BONK in range of the 0.000030 level it traded at in March as the crypto market surged on Bitcoin’s halving and expectations of Federal Reserve rate cuts later this year. Now might be the time to look into newer alts like $KAI Cat.
While BONK makes a big run for its previous all time high price at the beginning of March, new Web3 projects like $KAI Cat, secured by Ethereum’s trusty ERC-20 standard, are looking ultra-bullish for crypto traders looking to get in on the ground floor of a project aiming to rise high like Bonk tokens have since launching on Solana’s blockchain last year.
A Note To Beginning Investors On Meme Coin Denominations
If you’re a beginning investor doing your research on meme coins for the first time, the figures like those above for Bonk’s current price may look daunting.
A currency denominated in such small units may seem confusing or impractical, but the reason so many meme coins are minted in such small units is because the crypto economy anticipates each unit being worth far more in the near future as blockchain and AI take over.
Bear in mind that the final settlement layer of the crypto economy is the original Bitcoin blockchain, which is hard-coded to never produce more than 21,000,000 BTC. But because it is digital money managed by a massive network of computer banks, bitcoins are divisible into very small units. The smallest unit being 0.00000001 BTC (and called Satoshis).
As a result, the very fast-growing cryptocurrency industry expects very small units like those in the meme coin world to be usable in the human economy in a decade or so if not in a few years’ time.
Furthermore, the advanced computer engineers who build these payment and financial networks are fairly certain micropayments will enjoy a vast number of use cases as artificially intelligent (AI) systems proliferate over the Internet over the next several years.
Zooming back in from the overview above to the more immediate time frame, BONK appears ready for a bull run breakout to new highs in May after its price charted a cup and handle pattern over the past six weeks.
Bonk Cup and Handle Pattern: A Bullish Technical Indicator
Bonk’s cup and handle pattern is a bullish sign for the meme coin in May. It’s no sure bet, but technical analysts recognize these trendlines as a market likely to erupt with big price gains next. According to Investopedia, “A cup and handle is considered a bullish continuation pattern and is used to identify buying opportunities.” Moreover:
“As a stock forming this pattern tests old highs, it is likely to incur selling pressure from investors who previously bought at those levels; selling pressure is likely to make price consolidate with a tendency toward a downtrend trend for a period of four days to four weeks, before advancing higher.”
That’s good news for Bonk holders and potentially an actionable item for traders to make new entries in Bonk, but investors looking to get into a fresh project that has the potential to rise as high as Bonk may want to check out $KAI Cat.
KAI Cat Tokens Are A Purrfect AI Meme Coin
As crypto markets steadily ratcheted up to higher price levels last year, whale investors with big pockets and everyone down the food chain with fuller and fuller bags began shopping for the next altcoin that would soar by hundreds or thousands of percent in a matter of weeks or months like so many new projects have in the wake of Bitcoin’s world financial coup.
Bonk turned out to be that altcoin gem. Those with some extra savings looking for another diamond in the rough may want to read up on $KAI Cat.
