The cryptocurrency market has witnessed the explosion of a meme coin recently. With the influence of listings on major stock exchanges, the dog-themed and Solana-based BONK took the market by storm. However, Tron inventor and crypto king Justin Sun is collecting a different meme coin. According to Lookonchain’s post, Sun recently made a large purchase of 4 tokens. Meanwhile, analysts predict that BONK will see a serious correction.
There are these 4 altcoins in the target: LINK, STORJ, PEPE and DYDX
cryptokoin.comAs you can follow from , the weekend is relatively quiet, with exceptions. The market appears to have entered a consolidation phase, possibly with profit taking following strong rises. However, there are also those who see this as a buying opportunity. Tron inventor and crypto king Justin Sun is one of them. According to on-chain analytics platform Lookonchain, Sun-owned wallets are withdrawing 4 coins from Binance. In this context, Lookonchain shared the following:
1 hour ago, Justin Sun withdrew 127,510 LINK ($1.85 million), 202,385 STORJ ($200 thousand), 53.68B PEPE ($76.7 thousand) and 13,904 DYDX ($43 thousand) from Binance.
Is a collapse awaiting the BONK price?
Meanwhile, BONK experienced a complete explosion in a short time. Meme coin has increased by over 100% in the last week. Moreover, the token gained 775% on its monthly chart despite seeing a decline. At the time of writing, the token was trading at $0.00002457, losing 14.4% on a daily basis. A popular analyst with the pseudonym Pentoshi predicts that Bonk (BONK) will lose half of its value within weeks. In this context, the analyst said, “In four to six weeks you will be able to purchase BONK at a price 50% lower than its current price. Even if it rises first.” says.
Another popular analyst, Michaël van de Poppe, also suggests that BONK will see a correction soon. The analyst said, “The bull market has not started yet and BONK is making 200x. Meanwhile, SATS, RATS and similar tokens are also following in BONK’s footsteps. Mental but good signs that market sentiment is changing. Does this mean you should buy these? “If I were you, I wouldn’t buy it at this point.” says.
Santiment also warns about BONK!
According to crypto analysis firm Santiment, discussions about BONK are increasing on social media platforms. This probably indicates that the trend will reverse. In this regard, Santiment shares the following evaluation:
BONK, the hottest meme-coin on the block, has seen its market cap rise +116% in the past day alone, largely due to its Coinbase listing. BONK jumped from #69 largest asset to #43 in just 12 hours. If you’re craving it, be wary of too much crowd FOMO (fear of missing out).
The firm says the current interest in BONK is similar to the buzz around Dogecoin (DOGE) in 2021. In this context, Santiment said, “As 2023 comes to an end, these are the short and long-term time frame issues that drive the markets. NFTs, BASE, and meme-coins will likely remain in the spotlight until 2024. BONK is gaining ‘2021 Doge’-like attention.” says.
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