Journalist
Posted:
- BONK’s social figures increased enormously in mid-December.
- The market indicators have turned bearish, indicating a price decline.
The year 2023 witnessed the rise of several cryptos and the emergence of many such as Bonk [BONK]one of the most popular meme coins of the year.
The meme coin stole the spotlight during the last quarter of this year when it posted huge gains. It managed to become the biggest winner in 2023. That’s why AMBCrypto set out to take a look at the meme coin’s journey.
A look back at BONK’s performance in 2023
BONK failed to gain much traction in the crypto space for most of the months of 2023. The meme coin only became a popular topic of conversation in December and its price began to skyrocket.
CryptoDep recently posted a tweet highlighting this incident. According to the tweet, BONK’s price increased by more than 800% in 2023.
While BONK ranked number one on the list of cryptos in terms of price gains in 2023, INJ and PENDLE ranked second and third respectively on the same list.
⚡️Top projects based on price performance in 2023$BONK $INJ $SHUTTLE $NAKA $TRB $ORCA $AKT $RNDR $UPO $SOL $RAY $CFX $FET $STX $PAGE pic.twitter.com/uEVCb3CgTu
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) December 29, 2023
AMBCrypto’s analysis of Santiment’s chart revealed that BONK’s price has only been gaining upward momentum since December 3. Like the meme coin started its bull rally and reached a high of $0.00003 on December 15.
The bull rally also allowed the token to rise in value compared to the second largest meme coin, Shiba Inu [SHIB].
Although several factors were at play, the price increase can be attributed to Binance [BNB] Mention BONK on the platform. This incident created excitement in the community as the buying pressure on the meme coin increased significantly.
As the price rose in mid-December, so did the popularity, as evidenced by the massive spike in social volume.
Weighted sentiment also increased during that period, meaning bullish sentiment was dominant in the market.
Source: Santiment
Will the profit wave continue in 2024?
While the past month remained very profitable for investors, things are now changing. According to CoinMarketCapIn the last seven days alone, BONK is down more than 25%.
Realistic or not, here it is BONK market cap in terms of BTC
At the time of writing, BONK was trading at $0.0000141 with a market cap of over $857 million. To understand what’s in store for the meme coin in 2024, AMBCrypto checked its daily chart.
Our analysis showed that the meme coin‘s MACD showed a bearish crossover. Moreover, the Relative Strength Index (RSI) also registered a downward trend, indicating that early 2024 may not be profitable for investors..
Source: TradingView