Solana-based memecoin, Bonk (BONK), is seeing fairly a wholesome reversal. In line with CoinGecko, the dog-themed memecoin has rallied 8.1% within the final 24 hours, 28.5% within the final week, 18.7% within the 14-day charts, and 49.9% since September 2024. Regardless of the rally, BONK’s worth is down 3.4% over the earlier month. BONK is at present outperforming trade giants, similar to Bitcoin (BTC), Ethereum (ETH), XRP, BNB, and many others.
Will BONK’s Worth Rally Proceed?
BONK’s newest worth spike might be as a consequence of low inflation figures for the month of August. Though inflation numbers have risen, the probabilities of an rate of interest minimize this month are nonetheless excessive. Rate of interest dips often result in buyers taking over extra dangers. Memecoins carry a few of the highest dangers out there, and might even see continued rallies if the Federal Reserve rolls out a 25 foundation level charge minimize.
BONK’s present worth spike may be as a consequence of Solana (SOL) experiencing a worth surge. Since BONK relies on the Solana blockchain, it could be gaining the advantages of SOL’s worth rally.
In line with CoinCodex analysts, BONK’s worth rally might not proceed over the approaching days. The platform anticipates the memecoin to face a worth correction, falling to $0.00001729 on Sept. 21. BONK’s worth will dip by 31.66% if it falls to $0.00001729.
There’s additionally an opportunity that BONK’s worth is not going to face a correction as predicted by CoinCodex. An rate of interest minimize may set off one other market-wide rally. Furthermore, Bitcoin (BTC) is seeing constant ETF inflows. Each developments may ship the unique crypto to a brand new all-time excessive. BTC hitting a brand new peak might result in different crypto belongings following its lead. Such a state of affairs may trigger BONK to proceed its present upward trajectory. How the market behaves over the approaching weeks is but to be seen.
