There has been a noticeable increase in interest towards meme coins with low market value in the crypto market in recent weeks. Among these, altcoins striving to become the third-largest meme coin, such as Floki, Pepe, and the recent BONK Coin, are gaining attention. The future for these coins in the coming days and weeks is a topic of speculation.
Meme coins, such as Dogecoin (DOGE), are known for having value solely based on demand, with little to no intrinsic utility. Their performance is tied to the number of people buying them in hopes of making a profit. Despite the risks, the number of participants in this market is significant.
Dogecoin stands out as the oldest and most valuable meme coin, partly thanks to its association with Elon Musk, who helped popularize it in 2021. However, DOGE has recently suffered a loss of over 16% in the past three weeks, struggling to maintain its price around $0.09, with a key support level at $0.087. Analysts predict a potential drop to $0.065 in January if it fails to rebound from this support.
Technical analysts have mixed views on Dogecoin’s future, with some predicting a bullish flag pattern that could lead to a rapid rally, while others remain skeptical due to the lack of details in payment service applications and regulatory uncertainties that could hinder the launch of such services.
BONK Coin, which saw a remarkable growth in the last quarter of 2023, contributed to the rise of SOL Coin, but has recently lost about 41% of its value in just two weeks. The coin reached an all-time high (ATH) of $0.00003416 per token on December 15, 2023, but has since experienced a decline, despite predictions that a Binance listing would elevate its price.
Analysts suggest that BONK’s value could see a resurgence due to demand zones and renewed Twitter hype after a period of consolidation and loss. The meme coin market remains volatile, with unpredictable trends driven by community interest and social media influence.