Memecoins are apparently back in vogue as the cryptocurrency market recovers from its recent slump. Solana-based memecoin BONK is now the best performing crypto asset among the top 100 projects.
The dog-themed crypto, BONK, is up by over 30% in the past 24 hours, over 81% on the weekly chart, 14.4% on a month-to-date basis, 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 may have been triggered by a proposal to burn 280 billion tokens from its circulating supply. Reducing supply is considered bullish as it can lead to an increase in demand. Investors might be anticipating a price pump once the token burn takes place.
Could $0.001 Be Next?
According to CoinCodex, BONK will continue its rally into May. The platform expects BONK to hit a new all-time high of $0.00004709 on May 09, 2024. Reaching $0.00004709 from the current level would represent an increase of approximately 77.36%. Furthermore, CoinCodex predicts that BONK will eventually hit $0.00009059 on May 09, 2024. Reaching $0.00009059 from the current level would represent an increase of approximately 241.2%.
If the Solana-based memecoin sustains the $0.00009 level, it could flip the zero and hit $0.0001. However, the journey to $0.001 could take a lot longer.
According to Telegaon, BONK could reach the $0.001 mark sometime in 2029, hitting a maximum price of $0.00117 that year.
Changelly, on the other hand, has a more bearish outlook on BONK. The platform does not expect the Solana-based memecoin to cross the $0.001 mark anytime before 2040. Changelly predicts that BONK will hit $0.00190 by January 2040, about 16 years from now.
