A dealer who nailed the highest of the 2021 Bitcoin (BTC) bull market is warning of a extreme 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) may lose half its worth inside weeks.
“You’ll be capable of purchase BONK 50% decrease than its present worth inside 4 to 6 weeks. Even when it goes increased first.”
BONK closed at $0.00000217 on November fifteenth and is buying and selling at time of writing for $0.00002991, a 1,278% achieve.
Fellow crypto analyst Michaël van de Poppe can be suggesting that BONK may quickly appropriate.
“The bull market is barely underneath manner and BONK is doing a 200x. Within the meantime, SATS, RATS and related tokens are following BONK of their footsteps. Psychological, however good indicators that the market sentiment has shifted. Does it imply you can purchase these? I wouldn’t at this level.”
In accordance with crypto analytics agency Santiment, discussions about BONK on social media platforms are hovering, which may sign an imminent development reversal.
“The most well liked memecoin on the block, BONK, noticed its market cap develop +116% previously day alone, largely resulting from its Coinbase itemizing. BONK has jumped from the #69 largest asset to #43 in simply 12 hours. If longing, be cautious of an excessive amount of crowd FOMO (concern of lacking out).”
The agency says that the present curiosity in BONK is much like the excitement round Dogecoin (DOGE) in 2021.
“As 2023 winds down, these are the short-term and long-term timeframe matters which are driving markets. NFTs (non-fungible tokens), BASE, and memecoins will very seemingly proceed to be a focal point going into 2024, and BONK is having ‘2021 Doge’ like consideration.”
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