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The sell-off in the market has poked holes in the meme coin super cycle, impacting tokens like Solana-based meme coin, Bonk. Cryptocurrencies bled profusely amid fears of an extended correction triggered by the German government's persistent BTC selling activities.
Most of the meme coin market has taken a hit today with favorites Bonk, Pepe, and Brett taking the largest losses.
Solana-based memecoins had an incredible run in 2024 and have become a popular blockchain for memecoin development. The blockchain is home to a few giants, including Dogwifhat ($WIF) and Bonk ($BONK), as well as newcomers such as Husky Inu ($HINU).
BONK, RNDR, and AKT are among the poorest performers today.
With the price of Bitcoin failing to reclaim the $60K mark, the crypto space continues to record a bearish price action. Further, the Solana price has repeatedly failed to hold its value above the $140 mark for the Eighth consecutive day, highlighting a strong selling point at that level.
The 78.6% Fib retracement level has been a strong support level over the past six weeks, and bulls were able to drive a price bounce from there.
Out of a $2.15 trillion market capitalization, the memecoins hold a significant share of over $42 billion, with a decent trading volume of around $3 billion to $5 billion. The start of the year witnessed a notable rise, which was led by a popular memecoin, Pepe.
L2 modular blockchain Manta Network has announced a partnership with Solana meme coin project Bonk (BONK) to launch a meme-themed campaign on Manta Pacific. In a press release shared with crypto.
A flippening on the memecoin front could have major consequences.
Manta Network and BONK join forces to launch Meme-ta season, offering MANTA rewards through Dual Citizenship and Active Participant programs.
As BONK's community waits eagerly for the token burn, history reveals that the impact on price could be monumental.
The memecoin industry grew explosively over the past few years, with daily new projects. Navigating the plethora of memecoins is daunting, and investors must carefully decide which projects to back.
The crypto markets appear to be recovering as Bitcoin price rises above $59,000. This move appears to have extracted maximum liquidity as the volumes of the popular memecoins have drained by more than 40%.
Bitcoin (BTC) is under significant selling pressure, largely due to actions from the German government and the impending refunds from the Mt. Gox exchange.
The dog-themed meme coin, Bonk Inu (BONK), has seen a significant price increase over the past 24 hours, reaching a one-month high of $0.00002698. The meme coin's price jumped 10%, coinciding with the broader market rally, resulting in Bonk Inu becoming the largest meme coin by market capitalization in the Solana ecosystem, surpassing Dogwifhat (WIF).
Popular dog-themed token Bonk (CRYPTO: BONK) turned out to be one of the best-performing memecoins Tuesday, while the native currency of its parent blockchain, Solana (CRYPTO: SOL), also traded in the green. What Happened: Bonk surged more than 7% in the last 24 hours, taking its gains since the beginning of this week to 27%.
BONK's Parabolic SAR suggests a possible price uptick as bullish bias toward the memecoin rises.
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.
Looks like the meme coin party isn't over just yet. Solana-based token Bonk (BONK) is leading the comeback with a sharp rally in the past 24 hours. Meanwhile, a new project called PlayDoge (PLAY) is turning heads with its own success – raising over $5.5 million in its ongoing ICO.
BONK Price Prediction: Since last weekend, the selling pressure in the cryptocurrency market has eased as the Bitcoin price found stability above $55000. The absence of aggressive sellers has bolstered altcoins to find suitable support, while fast-moving assets like meme coins are already in recovery mode.
Significant moves have been made in the meme coin market, making BONK the biggest Solana meme and Gigachad the biggest weekly winner.
Bonk (BONK), the top meme coin built on the Solana blockchain, has become the market's highest gainer. This happened after the price jumped by 25.08% in the last 24 hours.
Wondering how high BONK's price might go this July? Stay tuned to find out the latest trends and predictions for this trending cryptocurrency!
Bitcoin faced intense selling pressure and volatility on Monday, dropping to a low of $54,337 and reaching a high of $58,284 before settling at $56,764. The price has recovered over the past couple of sessions and is currently trading above $57,000.
