Can BONK Market Cap Return to $4 Billion After Recent Drop?
The market capitalization is Solana Meme coin Bonk (BONK) has dropped $1.8 billion in the past 30 days. This retracement occurred amid a 34.11% drop in the coin’s price.
For some, the decline provides a good buying opportunity that the market hasn’t seen in some time. However, this On-chain analysis Indicating that accumulating BONK at current prices may be a risky decision.
Bonk loses huge market gains
Market capitalization is calculated as the product of a cryptocurrency’s circulating supply and its price. As of November 20, Bonk’s market capitalization was $4.35 billion. this Meme coins rise This value was reached as its price joined the broader market rally and reached $0.000058.
As of this writing, the market cap has fallen to $2.55 billion, suggesting the company has lost $1.8 billion from its peak in November. This drop was due to the price of BONK falling from $0.000058 to $0.000034.
The drop may also be attributed to a broader failure in the altcoin season, which has also affected the prices of several meme coins. If market conditions fail to improve, BONK could also be in trouble to make up for lost revenue.
Another indicator hinting at further declines for BONK is Weighted Sentiment, which combines social volume and the tone of online discussions about the cryptocurrency.
When this indicator is negative, it indicates that bearish conversations dominate social media platforms. Conversely, positive indicators indicate a higher number of bullish comments.
Santiment data shows, Solana Meme Coin It has been in negative territory since November 22. This continued bearish sentiment suggests that the memecoin value may continue to fall under the current circumstances.
BONK Price Prediction: The pullback is not over yet
According to the daily chart, BONK price drops Below the support at $0.000035. This support area was previously crucial for the coin’s rally to all-time highs in November.
But in this case, the decline indicates that the BONK correction is not over yet. As it stands, bears appear to be in control even as volume continues to slide. If this continues and bulls continue to stay on the sidelines, the memecoin’s value could drop to $0.000025.
On the other hand, this trend may change if the bulls are able to prevent the price from falling below $0.000030. In this case, BONK could jump to $0.000042. In highly bullish case, Bank of Japan Market capitalization may recover 4 billion, the price could rise to $0.000065.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
