Memecoins seem to be back in form as the cryptocurrency market recovers from its recent plummet. Solana-based memecoin BONK is currently the best-performing crypto asset among the top 100 projects. The dog-themed cryptocurrency has rallied by over 30% in the last 24 hours, more than 81% in the weekly charts, 14.4% over the previous month, and 3841.8% since April 2023.
Also Read: Solana (SOL) Signals Surge to $170; How High can it go in 2024?
Other memecoins, such as PEPE, Floki, and dogwifhat, are also among the best-performing cryptocurrencies in the market currently. BONK’s latest rally could be due to a proposal to burn 280 billion tokens from the circulating supply. Reducing supply is considered bullish as it may lead to an increase in demand. Investors may be anticipating a rally when the burns occur.
Will the Solana-based memecoin hit $0.001?
According to CoinCodex, BONK will continue its rally in May. The platform anticipates BONK to hit a new all-time high of $0.00004709 on May 9, 2024. Hitting $0.00004709 from current levels would translate to a growth of about 77.36%. Moreover, CoinCodex anticipates BONK to eventually hit $0.00009059 on May 9, 2024. Reaching $0.00009059 from current levels would translate to a growth of about 241.2%.
Also Read: Solana Price Prediction For May: How Close Is SOL To $300?
If the Solana-based memecoin holds its price at $0.00009, it may delete a zero and reach $0.0001. However, the journey to $0.001 may take a little longer.
According to Telegaon, BONK could hit the $0.001 mark sometime in 2029, reaching a maximum price of $0.00117 for the year.
Changelly, on the other hand, is more bearish on BONK. The platform does not expect the Solana-based memecoin to breach the $0.001 mark anytime before 2040. Changelly anticipates BONK to hit $0.00190 in January 2040, about 16 years from now.