Bonk Memecoin: Poised for a Bullish Breakout? Analysis and Predictions

2024-04-17, 05:20

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![](https://gimg2.gateimg.com/image/article/1713330804sdfx.jpeg)
## [TL; DR]
Key indicators and metrics like MACD and funding rate show that BONK memecoin remains bullish in the short term and long-term periods.

The market expects Shiba Budz (BUDZ), Wen (WEN), Dogwifhat (WIF), Myro (MYRO), AnaloS (ANALOS) and Book of Meme (BOME) to perform well in 2024.

The price of Bonk may reach $0.00008208 by the end of 2025 and fluctuate between $0.001153 and $0.00004615 in 2026.

## Introduction 
Bonk Inu, a <a href="/id/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>-based meme coin that is affectionately known as Bonk, is one of the most popular coins in the meme coin market with over 650 000 wallets that hold it. The token is different from other meme coins in that the Bonk project supports many products. Right now, the Bonk project has released several NFTs, a token swap and a trading bot.

In addition, the cryptocurrency is accepted as a means of payment on several other Solana-based projects. For example, people use it to pay for NFT raffles, casino gambling and minting NFTs. This article covers the recent developments in the Bonk ecosystem and its market performance. We will also discuss the investors’ <a href="/id/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> as well as its bullish indications. 
## Market Position of Bonk Memecoin 
Bonk Inu, ranked number 88, with a market capitalization of $1,159,467,086 and a value of $0.00001744, is the sixth best cryptocurrency in the  meme coin market. Only <a href="/id/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a>, <a href="/id/price/shiba-inu-shib" target="_blank" class="blog_inner_link">Shiba Inu</a>, Dogwifhat, PEPE and Floki are performing better than it. And Dogwifhat is the only Solana-based memecoin that is performing better than Bonk. The following table shows the memecoin ranking, according to CoinGecko. 
![](https://gimg2.gateimg.com/image/article/17133309491.jpeg)
Bonk Inu Market Performance - [CoinGecko](https://www.coingecko.com/en/categories/meme-token "CoinGecko")

As observed on the table, Bonk is ranked number 6 among memecoins and second among the Solana-based ones. It is also worth noting that Bonk, launched in December 2022, attained its all-time high of $0.05632 on 4 March 2024. On the other hand, it had its all-time low of $0.01725 on 7 November 2023. 
## Positive Funding Rate and Its implication
As of 4 April Bonk looked bullish since it had a descending triangle pattern which hinted at a possible 60% rally. The reason for the continuing bullish momentum is the Bonk investor optimism. The current market bullish sentiment suggests that the Bonk memecoin recovery is on the horizon.

The main challenge that the cryptocurrency may encounter is the waning optimism after the impending correction since many investors may go for profit taking. Also, since the token has a positive funding rate, optimism remains high among investors. The next graph shows the Bonk meme coin funding rate. 
![](https://gimg2.gateimg.com/image/article/17133310012.jpeg)
BONK Funding Rate. Source: [Coinglass](https://www.coinglass.com/ "Coinglass")

A positive funding rate shows that investors are willing to go long in the futures market which indicates strong investor optimism. What this also shows is that traders are willing to pay more to maintain their positions open which attracts much inflows into the market. Conversely, a negative funding rate indicates a bearish market sentiment.

## Bonk’s Rally Potential: Bullish Continuation Pattern Surrounding the Memecoin
Based on the current Bonk Inu technical analysis the funding rate is not the only indicator predicting a potential bullish momentum. The Moving Average Convergence Divergence (MACD), a technical indicator that shows an asset’s trend direction and momentum, also signals Bonk’s bullish target. 
For example, by the end of the first week of April the MACD indicator showed a strong bullish outlook as the next graph indicates. 
![](https://gimg2.gateimg.com/image/article/17133310303.jpeg)
BONK MACD -[TradingView](https://www.bee.com/wp-content/uploads/2024/04/frc-355f82dd53cd1d66a059724f8abfce99.png "TradingView")

As you noted in the picture, on 7 April the MACD indicator was heading towards a bullish crossover, which is far from the zero line indicating a possible strong upward trend reversal. By the same time [the Bonk memecoin was in a descending triangle pattern](https://www.gate.io/learn/articles/what-is-bonk/388 "the Bonk memecoin was in a descending triangle pattern"), characterized by lower highs and steady lows, confirming a trend continuation. The bullish continuation pattern hints on a high probability breakout.

A successful breakout may push the Bonk price to rise by about 62% aiming at a bullish target of $0.00004188. Nonetheless, to attain such a price target the coin should first overcome several resistance levels.

The only thing that has been signalling a possible bearish momentum has been Bonk’s open interest. The open interest, a metric that represents the total number of open interest in derivative contracts, has been declining since mid-March indicating a decrease in both short and long positions.

Based on previous cryptocurrency trends, a decrease in open interest (OI) indicates a possibility of waning investor interest in the memecoin. Notably, if the Bonk price falls below the $0.00002157 key support level it may experience a sharp price fall. 
## Bonk Price Prediction for 2024, 2025 and 2026
[The current Bonk price predictions indicate](https://www.gate.io/price-prediction/bonk-bonk "The current Bonk price predictions indicate") that the value of the memecoin is likely to rise gradually  through 2024, 2025 and 2026. For example, [Techopedia believes that the Bonk price](https://www.techopedia.com/cryptocurrency/bonk-price-prediction "Techopedia believes that the Bonk price") may reach $0.00003214 in 2024, $0.00008196 in 2025 and $0.001153 in 2026 as the next table shows.
![](https://gimg2.gateimg.com/image/article/17133311224.jpeg)
Bonk Price Prediction: [Techopedia](https://www.techopedia.com/cryptocurrency/bonk-price-prediction "Techopedia")

As you note, the Techopedia predicts the Bonk price to gradually increase for the rest of 2024 and during the next two years. However, Coindex is more bullish than Techpedia regarding the Bonk price movement during the cited period. The next table summarizes Coindex Bonk <a href="/id/price-prediction" target="_blank" class="blog_inner_link">price prediction</a>. 
![](https://gimg2.gateimg.com/image/article/17133311555.jpeg)
Bonk Price Movement – [Coindex](https://coincodex.com/crypto/bonk-token/price-prediction/ "Coindex")

Considering the above tables the Bonk price is likely to fluctuate between $0.00008196 and $0.00008208 in 2025. In 2026 it may range between $0.001153 and $0.00004615. 
## The Most Promising Solana Memecoins to Watch in 2024
There is no doubt that there are several Solana memecoins that are performing well at the moment. In addition to Bonk, Shiba Budz (BUDZ), Wen (WEN), Dogwifhat (WIF), Myro (MYRO), AnaloS (ANALOS) and Book of Meme (BOME) are some of the leading Solana-based memecoins that may perform remarkably this year.

Related news: [Bonk Forecast and the Rise of the Next Big AltCoin](https://www.gate.io/post/CQQDFjYMQkpAQgghGxAdA19cWxgEDhkO0O0O/status/5038282 "Bonk Forecast and the Rise of the Next Big AltCoin")

For example, the price of BOME increased by 45,000% between 14 and 16 March. On the other hand, MYRO surged by 22,095.5% between 12 November 2023 and 1 March 2024. Some of these tokens have been gaining by around 300% within 24-hour periods. As an instance, on 8 March the price of Shiba Budz rose by about 300% within 24 hours. 
Read also how to [buy BONK meme coin on Gate.IO](https://www.gate.io/how-to-buy/bonk-2-0-bonk20 "buy BONK meme coin on Gate.IO")
## Conclusion
Based on various technical indicators the Bonk price is poised for a huge surge this year. The memecoin is also likely to make steady gains between 2024 and 2026. The reason is that the BONK’s MACD indicator and funding rate hint on a possible bullish momentum within the near future. Shiba Budz (BUDZ), Wen (WEN), Dogwifhat (WIF), Myro (MYRO), AnaloS (ANALOS) and Book of Meme (BOME) are some of the Solana-based memecoins that are likely to gain much in 2024.
## FAQs about Bonk Memecoin
### Is Bonk a good investment?
 Bonk is a good long term investment asset since it has much utility as it supports several functions such as minting NFTs and casino gambling. Like most memecoins it may also be a good short term investment asset depending on the market conditions that prevail within a certain period.  
### How high can the Bonk reach?
Like any other cryptocurrency Bonk has the potential to reach any price level such as $1,000 in the long term. Nevertheless, according to the current price predictions the Bonk price may reach $0.00003214 in 2024, $0.00008196 in 2025 and $0.001153 in 2026.
### Which memecoin will explode?
Based on the past trends several meme coins that exist on the Solana blockchain like Bonk, Shiba Budz (BUDZ), Wen (WEN), Dogwifhat (WIF), Myro (MYRO), AnaloS (ANALOS) and Book of Meme (BOME) may explode in 2024 and 2025. Other leading memecoin such as Doge coin, Shiba Inu, PEPE and Floki may also perform well during the same period.
### Why is Bonk going up?
The main reason the Bonk price is rising is its high demand as many traders and investors invest in it. Basically, investors have confidence in its performance, based on its previous price movement.

<div class="blog-details-info">
<div>Author:** Mashell C.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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