Pseudonymous cryptocurrency trader Altcoin Sherpa sees Bonk (CRYPTO: BONK) as offering better potential upside compared to other meme coins, despite recent fluctuations in cryptocurrency prices.
What Happened: In his latest analysis on X, the highly-followed trader outlined the pros and cons of trading the popular meme coin. While acknowledging that Dogwifhat (CRYPTO: WIF) currently holds more attention than Bonk, Altcoin Sherpa highlighted reasons why Bonk could still yield positive results:
- 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.
Image: Shutterstock
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