Hunt The Next Solana Meme Coin Sensation With MemeMarket

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Dec 30 2024

BONK-3.16%

PENGU-3.516%

SOL-2.735%

Should l Buy BONK?

Meme Coin Surge on Solana: Solana has become a leading platform for meme coins, with notable examples like Bonk and Pudgy Penguins reaching market caps of $2.5 billion and $2.2 billion respectively, while MemeMarket offers tools to help traders navigate this volatile market.
Integration of Solana and Telegram: MemeMarket combines the fast transaction capabilities of Solana with the extensive user base of Telegram, allowing users to easily engage in meme coin trading through a mini app, fostering growth and participation in the meme coin sector.

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Technical Analysis for BONK

Technical Sentiment Analysis for Bonk (BONK) As of , Bonk (BONK) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BONK stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, BONK is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bonk (BONK) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.00000229	0.00000372	0.00000519	0.00000662	0.00000809	0.00000952	0.000011
Fibonacci	0.00000372	0.00000482	0.00000551	0.00000662	0.00000772	0.00000841	0.00000952

About BONK

According to the one-pager, BONK is the first dog-themed coin on Solana 'for the people, by the people' with 50% of the total supply of the cryptocurrency airdropped to the Solana community. BONK is similar to Shiba Inu (SHIB) and Dogecoin (DOGE) memecoins, it was launched on December 25, 2022, and led to an increase in the price of the SOL token (a rise of 34% in 48 hours). Trading began on December 30, 2022, arousing genuine interest from the crypto community.The main goal of the team is to bring back liquidity to Solana-based decentralized exchanges (DEXs). The idea of the developers was to create a full-fledged community coin that will be used across all the dApps built on Solana, and each user will have the opportunity to become part of the ecosystem, 'where everyone gets a fair shot'.BONK was airdropped randomly to Solana NFT collectors, developers, and artists, other airdrop details remain unknown. Currently, the project has a small digital footprint on the Internet, except for an active twitter account.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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