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Bonk token launched on December 25, 2022
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The cryptocurrency rose by four-digit percentages after the launch
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BONK value has cooled and trades on a descent and will declare decrease ranges
Crypto has all the time handled its followers with twists, turns, and surprises. The crypto group loves it this manner, for it turns into a time to make fast bucks as the remainder of the market sleeps. In 2022, we had been handled to a wild launch of the ApeCoin. Earlier than the mud settled, Optimism airdrop got here with a thud! The 12 months couldn’t finish in a greater means for crypto followers than it did with the Bonk token (BONK/USD).
In case you are a fan of meme tokens, then BONK doesn’t miss your watchlist after a heroic entry into the crypto area. Launched on December 25, 2022, BONK has been a sensation, leaping by 4 digits proportion in value. The token additionally dominated social buying and selling platforms. Analysts credited the recognition of the newly dog-themed token to the Solana group. The previous is predicated on the Solana community.
Nonetheless, if historical past is certainly a superb trainer, then we should always be taught that the beneficial properties could not final perpetually. We’ve seen extremely hyped launches boosting token costs, just for them to crash thereafter. BONK will not be an exception. As of press time, the meme cryptocurrency had misplaced no less than 50% of its worth from its all-time excessive. Typical of the phrase, should you didn’t board early, don’t do it now. Technical pointers present BONK might fall additional.
BONK on a decline as value finds minor assist
BONK/USDT Chart by TradingView
From the 4-hour chart outlook, BONK trades nervously at a assist zone. The highs to the upside have been decrease, coinciding with a declining value. Purchase-side volumes have improved barely on the assist, however not adequate to spice up BONK’s value.
BONK value prediction
Because the hype across the BONK launch dies, the value might proceed falling. Traders could have a look at BONK as an overvalued asset. Revenue-taking and panic promoting can also be at play and power a bearish breakout.