Solana-Based BONK Rallies 81%, Can It Hit $0.001 Next? (2024)
Memecoins seem to be back in form as the cryptocurrency market recovers from its recent plummet. Solana-based memecoin BONK is currently the best-performing crypto asset among the top 100 projects. The dog-themed cryptocurrency has rallied by over 30% in the last 24 hours, more than 81% in the weekly charts, 14.4% over the previous month, and 3841.8% since April 2023.
Other memecoins, such as PEPE, Floki, and dogwifhat, are also among the best-performing cryptocurrencies in the market currently. BONK’s latest rally could be due to a proposal to burn 280 billion tokens from the circulating supply. Reducing supply is considered bullish as it may lead to an increase in demand. Investors may be anticipating a rally when the burns occur.
Will the Solana-based memecoin hit $0.001?
According to CoinCodex, BONK will continue its rally in May. The platform anticipates BONK to hit a new all-time high of $0.00004709 on May 9, 2024. Hitting $0.00004709 from current levels would translate to a growth of about 77.36%. Moreover, CoinCodex anticipates BONK to eventually hit $0.00009059 on May 9, 2024. Reaching $0.00009059 from current levels would translate to a growth of about 241.2%.
If the Solana-based memecoin holds its price at $0.00009, it may delete a zero and reach $0.0001. However, the journey to $0.001 may take a little longer.
According to Telegaon, BONK could hit the $0.001 mark sometime in 2029, reaching a maximum price of $0.00117 for the year.
Changelly, on the other hand, is more bearish on BONK. The platform does not expect the Solana-based memecoin to breach the $0.001 mark anytime before 2040. Changelly anticipates BONK to hit $0.00190 in January 2040, about 16 years from now.
The live price of Solana crypto is $ 186.49830852. Solana price could reach a potential high of $500 by the end of 2024. SOL price, with a potential surge, could go as high as $1,672 by the end of 2030.
Solana SOL +4.50% 's continued price rise recently remains propelled by memecoin trading on its network, according to the founder of a decentralized exhange. Zeta Markets Founder Tristan Frizza said the increase in the token's value is mostly driven by an increase in the Solana network's memecoin trading activity.
Can SOL reach $1000? Considering Solana's total supply of 569,041,570 SOL, for the cryptocurrency to reach a price of $US1000 per SOL, its market capitalisation would need to surpass $US569 billion.
For Bonk to reach $1 per coin, its market capitalization would need to be $1 trillion. - **Pepe Coin:** Suppose Pepe has a total supply of 500 billion coins.
BONK therefore carries a current risk: reward structure of 1.45 – a reasonable entry, that could post additional gains, and certainly not going to zero just yet. But while BONK is battling to hold ground, an emerging Bitcoin cloud mining presale is capturing the attention of eagle-eyed investors.
The Bonk price prediction for 2025 is currently between $ 0.00002416 on the lower end and $ 0.000114 on the high end. Compared to today's price, Bonk could gain 378.30% by 2025 if BONK reaches the upper price target.
Our most recent Solana price forecast indicates that its value will increase by 1.19% and reach $184.75 by August 02, 2024. Our technical indicators signal about the Bullish Bullish 90% market sentiment on Solana, while the Fear & Greed Index is displaying a score of 61 (Greed).
We prepared technical ratings for Solana (SOL): today its technical analysis shows the neutral signal, and according to the 1 week rating SOL shows the buy signal. And you'd better dig deeper and study 1 month rating too — it's buy.
Solana's high speed and low transaction fees make it ideal for various applications, including decentralized finance (DeFi), non-fungible tokens (NFTs), blockchain gaming, supply chain management, and payments, offering a secure and cost-effective solution across industries.
This may bring the SOL price close to the highs of the current bull market, nearing the range of $380 to $450. However, before reaching the significant $500 mark, the SOL price could experience a new decline due to the exhaustion of bullish momentum.
Future Solana (SOL) upgrades could elevate the cryptocurrency to $260 in the near term. It has the potential to rise to $3,000 by 2030 and reach over $6,000 by 2050.
Introduction: My name is Frankie Dare, I am a funny, beautiful, proud, fair, pleasant, cheerful, enthusiastic person who loves writing and wants to share my knowledge and understanding with you.
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