The Solana-based meme coin Bonk (BONK) has outperformed the entire crypto market over the past month, skyrocketing over 30x and hitting a new all-time high of $0.0000054 on Monday. According to CoinMarketCap data, $BONK has posted the highest gains of any top 100 meme coin in 2023, appreciating over 4600% since its 2022 lows.
The token received another late on Tuesday when Binance Futures - the largest crypto-derivative exchange in the world - listed Bonk perpetual for trading under the ticker of 1000BONK, with up to 50x leverage. BONK has not yet been listed for spot trading, as PEPE was, but the announcement still resulted in the meme coin soaring by 15%, significantly outpacing other dog-themed tokens such as Dogecoin and Shiba Inu.
However, experts believe that the Bonk price could experience a significant pullback in the coming days. Indeed, $BONK is currently trading at $0.0000044, 20% below the Solana meme coin’s all-time high, hit on Monday. The token has corrected close to 5% over the past day, even as Doge and Shiba Inu are both up by 2%.
Why Did The BONK Price Explode?
Bonk Inu has skyrocketed over 1200% in November alone, largely due to the announcement of its staking program. In partnership with GooseFX, the meme coin announced Dynamic Single-Sided Liquidity Pools.
The SSLs offer similar yields as traditional staking, except with minimal risk. They also eliminated having to juggle with complex dual asset rations, requiring users to provide only one asset to be eligible for the rewards.
Investors can also choose to stake their tokens with other platforms such as Marginfi and Kamino Finance. As was the case with Floki crypto, the announcement of the staking program created strong hype within the Bonk Inu community, which is also reflected in the token’s price.
Since then, the token has been receiving additional boosts due to various CEX listings, with Binance Futures the latest platform to jump on the bandwagon. On Tuesday, BitMEX announced a $BONK perp contract as well, allowing traders to trade with up to 10x leverage. The Rollbit crypto casino is another platform that announced the launch of Bonk futures, with up to 1000x leverage.
The token’s partnership with Hxro Network has also excited meme coin enthusiasts. BONKDAO and Hxro have agreed to a token treasury swap, aiming for higher collaboration between the two up-and-coming entities. To celebrate this partnership, Hxro has also announced that it will airdrop exHXRO tokens to every holder with more than 10,000,000 $BONK, even if these tokens are staked.
$BONK has also been experiencing higher user adoption due to Solana. The skyrocketing SOL price has led to crypto investors searching for high-potential Solana-based tokens such as Bonk and Pyth. Interestingly, Binance Futures also listed Pyth perpetual for trading.
BONK Price Prediction
While the meme coin has been outperforming other dog-based tokens since the start of the year, $BONK is giving all indications of hitting the local top. While the rest of the crypto market bounced back on Thursday, the token has plummeted close to 8%. Its 24-hour trading volume has also dropped by 20%.
Crypto analyst @TheFlowHorse, who has close to 200k followers on X, predicted this outcome, stating that a Binance listing would likely lead to a local top, followed by consolidation and retracement.
As a result, the token could continue its bearish trajectory over the coming days, likely testing the support at its 10-day exponential moving average, which is currently hovering nearing the $0.0000035 mark.
Could P2E Token Meme Kombat Skyrocket Instead?
Even as Bonk retraces, investors continue to look for more high-potential meme coins that could generate explosive growth. According to smart-money trader Crypto Tony, who has over 350k followers on X, Meme Kombat could potentially be that next big meme coin.
The strong demand for $MK is evident in its presale, considering that it has raised over $2 million in just over a month.
Similar to Bonk and Floki, Meme Kombat investors can stake their tokens and accrue passive income, starting from the presale itself. The $MK staking pool is currently offering an APY of over 475% - much higher than the industry standard of 5 to 7%.
However, staking is only a part of $MK’s utility. Its play-to-earn platform will feature combat between top meme coins, during which players can bet on their favourite champions.
The platform will feature 11 characters such as Doge, Shiba, Pepe, Floki, etc, all of which will engage in AI-simulated battles. The outcome of the battles will be fair and random, offering diverse betting opportunities to players, who will also have the option to allocate a portion of their staked tokens specifically towards betting.
Meme Kombat has put an emphasis on security and transparency, revealing the identity of all team members behind the token, including its founder Matt Whiteman. This move reduces the risk of scams or rug pulls while fostering trust. Moreover, the token smart contract has been audited by Coinsult, which did not reveal any major vulnerability or centralization risk.
Due to its high utility and reliable security standards, popular trader Joe Parys has included Meme Kombat in his list of best meme coins to buy for 2024 and beyond.
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