One of the biggest uncertainties in cryptocurrencies, meme coins, saw significant gains starting mid-2023. While this created many profitable investors, it also resulted in losses for others. A cryptocurrency analyst revealed gains of over 12,000%, drawing significant attention.
Analyst and BONK Commentary
A well-known cryptocurrency expert, CoinsKid, shared on June 10th that Bonk (BONK) yielded over 12,000% gains for those who followed from the 2023 entry point.
Additionally, the analyst mentioned sharing about Bonk coin twice more in 2023, suggesting a new entry at the green line if a breakout occurs in the “rising wedge” chart pattern.
Bonk Price Analysis
Indeed, as a result of CoinsKid’s action, Bonk meme coin was seen trading at $0.0000280174. After the investment, the meme coin rose by 12,674.82%. However, it later fell by 1.81% to $0.00002751.
Meanwhile, Bonk’s daily price drop of 1.56% also reflected a weekly decline of 20.23%. This suggests the analyst is ready for a new position.
On the other hand, BONK continues to trade above the 100-day exponential moving average (EMA), with the next price target being $0.00004.
Currently, BONK’s market cap has dropped to $1.850 billion, following a decline of approximately 4.18%. Meanwhile, the 24-hour trading volume reached $277 million, indicating a 10% increase.
The volume increase amid the price drop led to short-selling rumors. The meme coin, which caught the Solana hype last year, is now speculated on its potential levels in a possible bull market.
