• Good liquidity.
• Potential for better upside compared to other meme coins due to lower attention.
• Maintains its former top Solana meme coin position, which could be reclaimed with certain catalysts.

However, he sees the following cons:

• Dogwifhat has taken over as the top meme coin on Solana (CRYPTO: SOL).
• Uncertainty remains about Bonk reclaiming its top spot.
• The technical chart is not as clear, with better options available for swing trading (Dogwifhat) and long-term investments (Pepe)

Sherpa concludes that he expects to see some form of a longer-term bottom on the Pepe chart. However, he states he would not buy this particular meme coin.

Read Also: How Dogecoin, Shiba Inu Plan To Fight Off The Challenge Of Bonk, Dogwifhat

Why It Matters: Bonk currently holds the sixth position on the meme coin board, with a valuation of $1.5 billion, positioning it as the next potential contender to join the $2 billion market capitalization club.

Despite a 11% monthly decline, Bonk has seen significant gains over the past year, with an increase of 3,539.6%.

In an April 1 tweet, BONKBot revealed that it had burned 2.5 billion BONK tokens in the past 24 hours, valued at $69.569. This brings the total BONK tokens burned by BONKBot to 256.8 billion, valued at $7.1 million based on current prices.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Bonk’s 150% Monthly Gain, Chases Dogwifhat’s Trading Volume, ‘Will Hit At Least $10B’ Market Cap Says Trader

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