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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