dailyhodl.com
A trader who nailed the top of the 2021 Bitcoin (BTC) bull market is warning of a severe market correction for one Solana (SOL)-based memecoin.
Pseudonymous analyst Pentoshi tells his 711,700 followers on the social media platform X that Bonk ($BONK) could lose half its value within weeks.
“You’ll be able to buy $BONK 50% lower than its current price within four to six weeks. Even if it goes higher first.”
$BONK closed at $0.00000217 on November 15th and is trading at time of writing for $0.00002991, a 1,278% gain.
Fellow crypto analyst Michaël van de Poppe is also suggesting that $BONK could soon correct.
“The bull market is barely under way and $BONK is doing a 200x. In the meantime, SATS, RATS and similar tokens are following $BONK in their footsteps. Mental, but good signs that the market sentiment has shifted. Does it mean you should buy these? I wouldn’t at this point.”
According to crypto analytics firm Santiment, discussions about $BONK on social media platforms are soaring, which could signal an imminent trend reversal.
“The hottest memecoin on the block, $BONK, saw its market cap grow +116% in the past day alone, largely due to its Coinbase listing. $BONK has jumped from the #69 largest asset to #43 in just 12 hours. If longing, be cautious of too much crowd FOMO (fear of missing out).”
The firm says that the current interest in $BONK is similar to the buzz around Dogecoin (DOGE) in 2021.
“As 2023 winds down, these are the short-term and long-term timeframe topics that are driving markets. NFTs (non-fungible tokens), BASE, and memecoins will very likely continue to be a point of interest going into 2024, and $BONK is having ‘2021 Doge’ like attention.”
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