The Solana-based meme coin Bonk has undergone a spectacular rally this week, soaring over 150% this week and 110% today, currently holding a $1.8 billion market cap.
Meanwhile, analysts are backing the newly launched Meme Kombat to follow Bonk’s lead after its presale surged past $3.3 million.
Traders Apprehensive about Bonk’s Next Move
Bonk’s now infamous rise has occurred after leading centralized exchanges Coinbase and Binance announced they will list the token on their respective platforms.
Consequently, the price and trading volume have exploded as mainstream liquidity flows in.
The rise holds stark similarities to that of Pepe, which soared to a $1.8 billion market cap after a Binance listing. However, Pepe also crashed equally as fast. Nevertheless, the broader crypto market is in a whole new paradigm now.
Notably, traders are looking ahead to the upcoming Bitcoin ETF approval decisions and the Bitcoin halving, and analysts believe the FED will cut interest rates in 2024, causing crypto prices to rally.
As such, crypto prices will likely rally in 2024, with Bonk likely climbing, too. However, will it pull back first after such a parabolic move?
One trader who believes Bonk will pull back is Crypto GBR. The analyst speculates that Bonk will retrace to $0.000018-$0.000023 after rejecting at $0.000033.
So far, the prediction is playing out, with Bonk finding strong resistance at the level in question.
Meanwhile, Gold_Cryptoz is also exercising caution. The trader announced they “turned $10k into $408k on spot” but has decided to liquidate the position and lock in profits.
“There’s the possibility it could 2x from here and I would say, ‘I wish I held,’ but then there’s also a possibility that that was the top in which case it would be, ‘I wish I sold’.”
The analyst said they are not trying to “fud” anyone but have “been around long enough to know what happens to those who marry their bags.”
But while it seems Bonk’s euphoria may be about to lose stream, analysts are backing Meme Kombat to explode next.
Could Meme Kombat See Similar Gains After Raising $3.3M at Presale?
Meme Kombat is a Play-to-Earn (P2E) meme coin that lets users gamble on AI-generated battles between meme coin characters. Its compelling use case taps into the P2E, meme coin, and crypto gambling markets, hinting at tremendous upside potential.
What’s more, users require the $MK token to wager on battles. This provides a steady demand stream that negates some commonplace meme coin volatility.
However, the project still benefits from a viral meme coin allure, featuring some of crypto’s most beloved meme coin characters like the Dogecoin dog, Shiba Inu, and Pepe the Frog.
Meanwhile, the Meme Kombat X account executes a perfect strategy, posting light-hearted, culturally relevant memes to help foster an active community. So far, the team has garnered an impressive 10K followers.
Another advantage to Meme Kombat is that it boasts a doxxed team and smart contract audit. This delivers transparency and accountability that are uncommon in meme coin projects, potentially making it a more attractive investment for more conservative market participants.
The project is currently undergoing a presale, meaning investors can get in at a discounted price before it launches on exchanges.
Currently, the Meme Kombat presale price is $0.246, but this will increase to $0.257 in six days.
