Solana-based Memecoin Bonk is seeing a very healthy reversal. According to Coingecko, dog-themed Memecoin has attracted 8.1% in the last 24 hours, 28.5% last week, 18.7% on the 14-day chart, and 49.9% since September 2024. Bonk is currently outperforming industry giants such as Bitcoin (BTC), Ethereum (ETH), XRP and BNB.
Will the Bonk price rally continue?
Bonk’s latest price spikes could be due to low inflation rates in August. Although inflation numbers are rising, the chances of interest rate reductions this month are still high. Usually, lower interest rates lead to investors pose more risk. MemeCoin has some of the best risks on the market, and it could see ongoing rally once the Federal Reserve rolls out a 25 basis point rate cut.
Bonk’s current price spikes could also be due to Solana (Sol) experiencing a surge in prices. Bonk is based on the Solana blockchain, so it may be gaining the advantages of Sol’s price rally.
According to analysts at Concodex, Bonk’s price rally will not last for the next few days. The platform expects Memecoin to face a price adjustment, dropping to $0.00001729 on September 21st. Bonk’s price will fall 31.66% if it drops to $0.00001729.
It is also possible that Bonk’s price will not face revisions as predicted by Cincodex. Interest rate cuts could lead to a rally across another market. Furthermore, Bitcoin (BTC) is seeing a consistent inflow of ETFs. Both developments could potentially send the original code to a new history. If BTC hits a new peak, it could lead to other crypto assets after the lead. Such a scenario could allow Bonk to continue its current upward trajectory. We have not yet seen how the market will behave in the coming weeks.
(TagStoTRASSLATE)BONK
