BONK pumped 45% today and over 600% in the last 30 days!
Cryptonary, an analyst with over 80k Twitter followers, posted some bullish commentary on BONK (BONK), a new meme coin making waves on the Solana blockchain.
Referring to Dogecoin’s 15,000% surge and Shiba Inu’s mind-boggling 43.8 million percent growth in 2021, Cryptonary noted that “Whether you like meme coins or not, there’s no denying they’re lucrative.” He believes BONK could be “the potential SHIB of Solana,” poised for massive gains ahead.
Over the past 30 days alone, BONK has pumped over 600%, with its market cap now standing at $913 million. Just yesterday, it saw a 45% intraday spike. Cryptonary outlines several reasons for his upbeat outlook:
“Huge Growth Potential”
Extrapolating from the trajectories of Dogecoin and SHIB, Cryptonary suggests BONK could surge 10x or more if it reaches even 1% of SHIB’s market capitalization. Its “impressive growth over the past months” indicates substantial momentum that could translate to similar breakouts.
“Utility Beyond a Joke”
Unlike some meme coins, BONK has built real products and services to drive fundamental value and stickiness, including BonkSwap (its own DEX), trading bots, staking options, bridges to other chains, and an engaged DAO community.
“Relationship to SOL”
Statistical analysis reveals BONK’s prices have historically moved at 1.6x the rate of Solana’s SOL token (with a beta value of 1.6). So if SOL gains 200%, BONK could triple. With SOL poised to ride the next bull market upwards, BONK could fly even faster if historical correlations hold.
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Show more +So is investing in this meme coin a reckless gamble or a shrewd play? Cryptonary leaves that judgment call up to readers, but the math suggests substantial upside if Solana and the wider crypto market heat up as expected over the coming years.
While meme coins carry enhanced risk, the parabolic runs of Dogecoin and SHIB illustrate they can also be enormously lucrative. For investors with higher risk tolerance, BONK may warrant a small allocation to ride possible exponential gains. As always, only invest what you can afford to lose, but the meme coin craze may have room to run yet.
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