Will BONK’s 1 trillion burn trigger a price surge? Data shows…
The post Will BONK’s 1 trillion burn trigger a price surge? Data shows… appeared on BitcoinEthereumNews.com.
contributor Posted: November 10, 2024 BONK developers were strategizing to break it out of months of stagnation. If history repeats, a breakout could materialize. Memecoins are surging, with the top five memecoins posting double-digit gains. Among them, BONK Coin [BONK] has recorded an 11% weekly jump. While multiple external factors are contributing to this rise, BONK has leveraged this momentum to fuel its rally by promoting an internal model, the impact of which AMBCrypto recently investigated. BONK needs a catalyst to break out As part of a strategy to reduce supply, BONK’s developers have introduced two new proposals aimed at removing a substantial number of coins from circulation. The first proposal suggested a November burn of 100 billion BONK coins. The second proposal, marking the coin’s 2nd anniversary, proposed a massive 1 trillion burn. This strategy could work well for the memecoin given the current market conditions. Historically, November has been a bullish month for the crypto market. With the influx of election liquidity, the memecoin may be in a prime position to leverage this momentum. Source: TradingView Over the past six months, BONK has been in a downward trend. However, the coin has experienced a period of consolidation over the last three months, maintaining a relatively stable benchmark. With the RSI in neutral territory and a bullish MACD crossover, the coin could be primed for a short-term reversal. Given its lackluster performance in the previous bullish cycles, the memecoin may need more than just macroeconomic support to achieve a breakout. Were community burns in the past beneficial? In April, members of the BONK communities voted in favor of burning 278 billion tokens to mark a historic event for the crypto. Following the announcement, BONK’s price surged by 40%, rising from $0.00002011 to $0.00002829 in less than 24 hours. This marked…
Filed under: News - @ November 10, 2024 6:06 am