This BONK Competitor Just Skyrocketed Over 200%, But Here’s the Catch

January 20, 2024

This BONK Competitor Just Skyrocketed Over 200%, But Here's the Catch

Following BONK’s meteoric rise in the Solana ecosystem in 2023 of over 1000%, but now down 50% from its all-time high of $0.000024 in December 2023, investors are searching for the next meme coin breakout in this popular crypto sector.

One of those “next BONK” contenders, Myra (MYRA), pumped over 200% today to reach a price level of $0.017 before cooling off around $0.010 at the time of writing. Its market cap is still rather small, hovering around $11 million at press time.

Source: CoinMarketCap

MYRA bills itself as the partner to MYRO, another Solana-based meme coin that itself pumped 27% today and over 6000% since launching in November last year, now with a market cap around $200 million.

So even though MYRA still has room for growth given its low market cap, I’m not a fan of these copycat coins trying to mirror the success of other established meme coins. PEPE spawned numerous Pepe 2.0 incarnations last year and none proved to be long-term winners.

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CaptainAltcoin’s prediction model takes market sentiment into an account and reacts accordingly. Below is a month-by-month breakdown of 2024:

Even though 10x or greater returns from these levels is possible given the speculative fervor around MYRA, it lacks innovative fundamentals or real differentiating value to suggest meaningful sustainability of any short-term price spikes.

By all means ride the hype wave if you’re inclined to speculate on MYRA in the near-term. Just don’t expect this BONK competitor to deliver lasting value beyond the inevitable comedown. The catch is Myra has no long-term viability despite skyrocketing over 200% today.

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