- BONK’s social metrics surged in mid-December.
- Market indicators have turned bearish, suggesting a price drop.
The year 2023 witnessed the inception of several cryptos and the rise of many, such as Bonk [BONK], one of the most popular meme coins of the year.
The meme coin stole the limelight during the concluding quarter of this year as it registered massive gains. It managed to become the top gainer in 2023. Therefore, AMBCrypto planned to take a look at the meme coin’s journey.
A look at BONK’s performance in 2023
BONK did not gain much traction in the crypto space for the majority of the months of 2023. The meme coin became a hot topic of discussion only in December, and its price started to pump massively.
CryptoDep recently posted a tweet highlighting this incident. As per the tweet, BONK’s price surged 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 were sitting in the second and third spots on the same list, respectively.
⚡️Top Projects by Price Performance in 2023$BONK $INJ $PENDLE $NAKA $TRB $ORCA $AKT $RNDR $UPO $SOL $RAY $CFX $FET $STX $BLZ 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 gained upward momentum since the 3rd of December. As the meme coin began its bull rally, it touched the highest value of $0.00003 on the 15th of December.
The bull rally also allowed the token to increase its value compared to the second-largest meme coin, Shiba Inu [SHIB].
Though there were several factors at play, the price hike can be attributed to Binance [BNB] listing BONK on the platform. This incident spared excitement in the community as buying pressure on the meme coin surged substantially.
While its price rallied during the middle of December, its popularity also soared, as evident from the massive spike in its social volume.
Its Weighted Sentiment also increased during that period, meaning that bullish sentiment was dominant in the market.
Source: Santiment
Will the gaining spree continue in 2024?
Though the last month remained very profitable for investors, things have now started to change. According to CoinMarketCap, BONK was down by over 25% in the last seven days alone.
Realistic or not, here’s BONK market cap in BTC’s terms
At the time of writing, BONK was trading at $0.0000141 with a market capitalization of over $857 million. To understand what lies ahead for the meme coin in 2024, AMBCrypto checked its daily chart.
Our analysis found that the meme coin’s MACD displayed a bearish crossover. On top of that, the Relative Strength Index (RSI) also registered a downtick, suggesting that the beginning of 2024 might not be profitable for investors.
Source: TradingView
