Bonk has surged by 10% in the past 24 hours, with the coin’s rise to $0.00002596 also representing an impressive 25% gain from its 24-hour low.
Its current price means that it’s flat in a week but up by 16% in a fortnight, with its gains today coming as Bonk DAO announces a proposal to burn 84 billion BONK.
The meme token is also up by a very impressive 7,300% in the past year, with data showing that whales have been accumulating over the past week.
This points to further rises for Bonk in the near future, with the market looking like it may have begun a medium-term recovery today.
BONK Soars 25%: Price Prediction Amidst Token Burn and Whale Moves
BONK’s chart has moved into a bullish position, even if it may be due a minor correction in the near term.
Its relative strength index (purple) reached 70 today and remains high, marking a strong recovery from the very low 25 it plunged to yesterday.
Source: TradingViewEven more bullish is BONK’s 30-day average (orange) which climbed over the 200-day (blue) late yesterday and is continuing to rise, signalling perhaps some more gains over the next day or so before a correction.
What’s particularly encouraging about BONK today is that its trading volume has shot up from $250 million yesterday to $800 million today.
This indicates a substantial bump in interest in the meme token, likely fuelled by larger traders and whales.
The biggest driver of this demand today is the aforementioned news regarding a potential burn of 84 billion BONK.
BONK DAO has received a proposal to BURN ~84B BONK from its Treasury representing the Q2 amount of BONK sent to the DAO from BONKBot.
All BONK locked on BonkRewards is now able to vote on community proposals.
Voting:https://t.co/akvJAfpCcM
— BONK DAO (@bonk_dao) July 8, 2024
Bonk DAO’s X account has revealed this info, and while no other source has confirmed, it would be a boost for BONK, even if it has a total supply of some 93.5 trillion.
Either way, BONK is likely to rally in the coming weeks, given that it and the wider market has suffered this month so far.
Recent losses have followed from concerns over Mt. Gox-related selloffs, yet things appear to have stabilized in the past couple of days.
The cryptocurrency market also has some more positive news to look forward to, including the upcoming launch of Ethereum ETFs.
There’s also a strong chance that rate cuts will begin in the fall, helping push demand for cryptocurrencies, including BONK.
Based on this, and on the possibility of burns, the Bonk price could reach $0.00003 in the next few weeks and 0.00004 by the final months of the year.
New Meme Coins May Rally Harder
Bonk continues to be a popular alt, yet it isn’t the only meme token in the market that has the potential to post big gains in the next few months.
There are also new meme coins that look very promising, including several that are building momentum through their presales.
A great example of this is WienerAI (WAI), an Ethereum-based cryptocurrency that has raised over $7.2 million in its highly popular sale.
No knots, no worries!
WienerAI assists you with every trading problem. Let us untangle the market for you! pic.twitter.com/du8ZfXd0os
— WienerAI (@WienerDogAI) July 8, 2024
WienerAI is in the process of launching its own AI-based chatbot, which will use generative AI to answer trade-related questions from users.
Accordingly, it will help identify promising tokens and also advise traders on when to time moves, so that they can make more informed investment decisions.
It will also come with its own atomic swap feature, enabling users to directly and quickly trade any token it recommends.
Another exciting feature is its MEV protection, which works by helping traders to make buys and sells before any front-running bots.
As the utility token for this platform, WAI could experience considerable demand, with its price potentially rising in parallel with the growth of WienerAI as a platform.
WAI will have a capped supply of 69 billion WAI, with 30% of this supply going to the sale.
It’s also highly encouraging that WienerAI’s X account now has over 14,000 followers, with the coin doing a great job already of growing its community.
Newcomers can join its sale at the official WienerAI website, where 1 WAI currently costs $0.000726.
It’s likely to eclipse this price once it lists on trading platforms, which should happen in the next month or so.
Buy WAI Today
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