Altcoin

Will BONK Memecoin Price Fall to Zero in 2024?

BONK memecoin price 2024

YEREVAN (CoinChapter.com) — The crypto market hype never ceases to amaze. Solana’s BONK token was the latest craze, jumping 1,100% in December. But what happened when the hype died down? And, most importantly, will BONK Memecoin price fall to zero in 2024?

BONK price on Jan 4. Source: CoinStats

BONK Memecoin Price Follows the Hype

For newbie cryptocurrency enthusiasts out there, if you chose Memecoins as a way to become a crypto millionaire, think again. Sure, some people made their fortune by betting on the right memecoin AT THE RIGHT TIME. However, there are no legions of ‘lucky bastards,’ just a few sleep-deprived traders.

Now, the BONK memecoin price is no exception. Will it fall to zero in 2024? It depends on the hype level and investors’ willingness to park their hard-earned cash with a questionable coin. Let’s take a look at the statistics.

BONK On-chain Metrics Favor the Bears

According to on-chain tracker Messari, BONK’s trading volumes peaked on Dec 15 at nearly $800 million and have fallen since, settling around $44 million on Jan 4. While trading volumes alone don’t indicate a bias, combined with the dropping price, they underscore the low interest in the token.

Moreover, low trading volumes and dropping prices suggest that market manipulation by a few persistent bears might be in session. The latter would not be surprising, as memecoins are highly prone to market manipulation and carry greater risks.

BONK price and trading volumes. Source: Messari

Another on-chain tracker, Santiment, backed the results, drawing a parallel between the price action and the daily trading volumes.

BONK price action and trading volumes. Source: Santiment

Another important aspect of any memecoin is social engagement. The latter could help objectively quantify investor interest and help figure out the upcoming price fluctuations. So, will the BONK memecoin price drop to zero? It could if its social engagement remains at current lows. According to Santiment, its on-chain metric’s peak coincided with the price surge.

BONK social engagement. Source: Santiment

Many other memecoins, for example, the frog-themed PEPE coin, drew a similar pattern. The coin’s trading volumes and price pumped in May 2023, then consistently declined through Q3-Q4.

PEPE coin price and trading volumes. Source: Messari

The memecoin’s price has not dropped to zero. However, it is most likely past the point of bringing high returns.

Memecoin’s Fundamentals Won’t Help

Ok, an important correction – “memecoin fundamentals” are an oxymoron. Memecoins don’t have strong fundamentals. Not part of the default options.

Moreover, the only notable event related to the BONK price surge is its association with the sales of the Solana Saga smartphone. The surge in interest and sales of the Solana phone was influenced, at least in part, by an airdrop of BONK tokens.

The Solana Saga phone initially struggled with sales. What to do? Airdrop of BONK tokens to every owner of the Saga phone, of course! Specifically, the airdrop comprised 30 million BONK tokens, creating a unique arbitrage opportunity. Also, users could claim this airdrop by downloading the BONK app from Saga’s custom app store without a specific end date for the airdrop.

The Saga phone sale is now history. So it seems the BONK memecoin price could drop to zero in 2024 if enough investors decide they have no interest in the coin anymore.

Recent Posts

Pi Network Mainnet Launch Delays Disillusioning More Users

Pi Network's open mainnet launch date, at least the promised one, draws closer. However, the…

3 hours ago

Crypto Trading Platform Robinhood Risks Closure Following Wells Notice – Here’s A Better Option For You

Robinhood has run into trouble with the United States Securities and Exchange Commission (SEC), leaving…

16 hours ago

Unearthing Crypto Gems Ahead of the Potential Bull Run in 2nd Half of 2024: KangaMoon, Aave and SingularityNET

Investors are always on the search for the next high-potential crypto coins to invest in.…

2 days ago

Furrever Token Purr-Fection : A Cryptocurrency with 15x ROI Potential Attracting Holders From Shiba Inu and Solana

As the cryptocurrency market ebbs and flows with unpredictable volatility, several tokens are currently at…

2 days ago

Maximize Your Earnings: StakingFarm Introduces ETH Staking Guide for Beginners

StakingFarm is excited to announce the release of its comprehensive Beginner’s Guide to Earning Passive Income from…

2 days ago

What is Notcoin and Why is TON Price Rising Because of It

Notcoin, a new social clicker game within the Telegram messaging app, is gaining immense popularity…

2 days ago