With the start of 2023, the overall cryptocurrency market has expanded. But the most interesting outcome is the popularity of meme coins.
Most recently, a meme coin named “Bonk (BONK) came to the limelight as its price surged to 2000%. Meme coins overall making a lot of noise since the beginning of 2023.
Over the past five years, BONK has risen by 2000%. However, the past 24 hours’ trade volume shows a 90% price hike.
Experts are hopeful that the price of the crypto token will skyrocket further. Talk of the market experts, from the start of December 2022, they are saying the same thing that the price of Altcoins will be on the rise and that altcoins are the best investment for 2022.
Apart From Bonk Token, Shiba Inu is Also Up by 2200%
Apart from Bonk, Shiba Inu is another meme coin that has made a lot of noise since the start of December.
The leading meme coin developers are developed and launched Shiba Inu-themed altcoins; since that launch, the price has risen by 2,200%.
These huge rises in the price of meme coins have left a significant mark on the market, and investors are confident that meme coins can be the next big thing for the market.
However, the biggest concern about meme coins is their non-serious nature, and meme coins are too sensitive to market volatility.
Regarding the technical indicators and market fundamentals, meme coins are free of these elements. Their price rise depends on rumors and outcomes that surround the industry.
But Bonk (BONK) is on the Mission to Chance the Fate and Market Outlook of Meme Coins
BONK developers are very focused on changing the industry perception of meme coins. They have also argued that meme coins should have strong fundamentals, so investors should be more confident in investing in them.
Most recently, Bonk’s developers have launched their own DAO and linked it to the Solana cryptocurrency exchange.
As news emerged, traders returned to the market and invested heavily in BONK. This high buying pressure is the reason that the price of this cryptocurrency has risen by 90% over the past 24 hours.
The development of DAO has made this meme coin a serious cryptocurrency, and investors now have high hopes for BONK.
The Future Price Prediction of BONK
Since the start of the New Year, BONK has only moved upward. The graph of the currency shows a strong grip in the green zone. Market experts are not sure when this upward momentum will be shifted downwards.
According to CoinGecko, BONK entered the market just a week ago, so the current bullish run of this newly launched token will last longer for a few other days before declining again.
As BONK is a newly launched token, its price is still affordable for almost 70% of investors. This means the right investment can help investors make millions at the right time.
It is also important that 50% of BONK’s total supply has been offered to developers, digital artists, and other institutional investors such as Solana.
Regarding the distribution of the BONK supply, the developers have given 5% of their tokens to Solana officials, and 20% of the supply has been given to the Solana NFT community.
10% to digital artists and investors who were part of the token’s presale round. 15 supply has been handed over to Sola exchange’s ledger.
Still, the reason investors are adding this cryptocurrency to their wallets is not the strong fundamental of this token, but its staggering price rise, which will continue to grow for the coming few weeks.
The Bonk price today is $3.91e-7 USD. As the buying pressure will further mount on the token, its bulls will grow more and stronger before finally exploding.