In the cryptocurrency markets, there has been a growing interest in meme coins, especially those with very low market values, over the past few weeks. In addition, there are altcoins that have been working to become the third-largest meme coin for the last six months. Floki, Pepe, and now BONK Coin. So, what is expected in this area in the coming days and weeks?
Dogecoin (DOGE)
Meme coins are considered useless and therefore their prices are shaped solely by demand. Almost none of them produce any utility. Their performance is dependent on how many people buy them in the hope of making money. Yes, it’s absurd and risky, but the number of people doing it is not negligible.
The best-known crypto in this field is DOGE, and it ranks first among meme coins by market value. Its status as the oldest meme coin, along with the extensive time spent with Elon Musk, helped it reach larger audiences in 2021.
After failing to exceed $0.11, DOGE has experienced a loss of over 16% in the last three weeks and is now struggling to maintain $0.09. The key support level is at $0.087, and not even the excitement of a Bitcoin ETF could bring it back to its former glory. If it fails to rebound from support, the price is expected to drop to $0.065 levels in January.
According to technical analyst Big Chonis, Dogecoin is forming a bull flag that could trigger a fast rally to higher levels. Jackis, an analyst at Because Bitcoin, says that X payment services speculation will increase for DOGE in 2024. However, this is unlikely to happen as there was no such detail in the applications. Moreover, regulatory uncertainty makes the already challenging launch of X payment services even more improbable.
BONK Coin
At the beginning of 2023, people were hitting a dog on the head with a stick using BONK Coins. It may seem meaningless, but it was something that used tokens to play a gif, and it grew at an interesting pace in the last quarter of 2023. It even contributed to the growth of SOL Coin. However, it has lost about 41% in the last two weeks, erasing a significant portion of its gains.
BONK’s value reached its all-time high (ATH) on December 15, 2023, at $0.00003416 per token. We had said that a Binance listing would bring the ATH and that the price might not see it for a long time. It seems that this is the case for now. A technical analyst known as Cold Blooded Shiller wrote the following about BONK;
“The daily demand zone, the last consolidation area before the upward explosion, and of course, we should see a rise with the resurgence of Twitter excitement after losing some UPNL.”
