The meme coin Bonk (BONK) has been on a strange journey in late 2023, having experienced several veritable price explosions that brought it as much as 10,000% in the green over the past 52 weeks.
Despite this, and despite even briefly surpassing Dogecoin (DOGE) as the most-traded meme coin after getting listed on the largest publicly-traded cryptocurrency exchange, Coinbase (NASDAQ: COIN), it still remains an underdog among cryptocurrencies.
As a meme coin launched on the Solana (SOL) blockchain, it also benefited from the developments that saw SOL itself rise more than 800% in a year. Additionally, the recent surge in sales of the Solana Saga smartphone and the associated BONK airdrops, have spearheaded a recent increase in the demand for the meme coin.
Given its significant volatility and impressive yet brief price surges, Finbold decided to consult the predictive artificial intelligence (AI) algorithms of CoinCodex on where Bonk might stand when the New Year rolls around in just a few days.
AI BONK prediction
According to the data available on December 27, the predictive algorithms of CoinCodex estimate that Bonk will, despite a relatively large amount of volatility, mostly retain a stable price in the first weeks of 2024.
It is estimated that on January 1, Bonk will decline by 3.53% and be worth $0.00001619. The algorithm also concludes that the meme coin will continue trading in a similar fashion through the next month and that it will find itself at $16.47 in 30 days – slightly above its price at the time of publication.
Bonk’s significant volatility is also highlighted by the fact that it had 16 green days out of the last 30. Finally, solidifying the meme coin’s overall uptrend in 2023, as well as the broader bullishness prevalent in the crypto market, the “Fear & Greed Index” – the index that tracks investor sentiment – marks Bonk under “greed.”
BONK price analysis
In 2023, Bonk has been on a wild ride. After a slight rally and a subsequent retracement at the very start of the year, the meme coin was mostly stagnant for months until it again started gaining steam in late October.
The time since then has been marked both by a staggering rally that saw it surge 13,000% compared to its price 52 weeks ago and high levels of volatility.
Its shorter-term performance is slightly less bullish. Overall, in the last 30 days, Bonk is up 305.04%. On the other hand, in the last week, the meme coin has declined 28%, and in the last 24 hours, it is 16.69% in the red, and its price stands at $0.00001535 at the time of publication.
Finally, both due to its nature as a meme coin and its connection to SOL, Bonk’s fortune might again dramatically shift toward a renewed rally should Solana continue rising.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
