The 4th biggest meme coin was expected to take center stage on Christmas Day with a promised 1.69 trillion BONK token burn, but it was instead postponed to December 26th. This delay undermined what was expected to be a significant catalyst for BONK price projections.
A much smaller 100 billion BONK burn on November 13th had triggered a 50% increase in price within a week, propelling the market cap to $4 billion.
This time, however, the burn was met with frustration. BONK initially dropped by 7%, but it has since recovered, with a 4.32% increase since the event.
With a current market cap of around $2.43 billion, traders seem to be betting that BONK’s price may once again follow the same upward trajectory, despite the rocky reception.
Late ‘BURNmas’ Sparks Community Outrage
While it isn’t clear what caused the sell-off, speculators are crediting the early decline to frustration at the Bonk team for failing to execute the burn on Christmas Day as promised.
Something X user BestBets criticized, stating “This is honestly starting to feel like a scam for everyone that participated and are holding bonk […] price is dropping and so is the trust.” in a direct address to to Bonk core contributor Nom, hours before the burn event took place.
Later adding to his critique in a thread,“you will lose so much progress and coin holders by lying to the community.” A sentiment shared by other holders who backed BestBets tirade.
BONK Price Analysis: Can Bonk Rally 50% Like Before?
While the delay has somewhat dampened sentiment towards the memecoin, the benefits of the burn still stand to increase token prices with a more favorable supply and demand dynamic. Particularly after the breakout of a symetrical triangle pattern forming since early 2024.
BONK / USDT 1D chart, symmetrical triangle pattern breakout. Source: Binance.
The burn may have been the kick needed to break the downtrend over December so far, reaffirming the pattern’s breakout path towards $0.000119, a 260% advance on current prices.
This scenario seems credible, as the MACD line is currently undergoing a bullish crossover above the signal line. Historically, similar crossovers have been followed by strong price movements, often resulting in upward momentum for BONK.
However, the key resistance level at $0.0000240250 remains a critical hurdle. This level has been capping BONK’s price and keeping it within a consolidation range for the past two weeks.
A successful break above this resistance could pave the way for a more sustained rally going into 2025, towards the pattern’s target.
This Newcomer Doesn’t Skip on Community
Even with the potential for a price rebound, BestBets argument remains valid. Since the value of a memecoin is intrinsically tied to its community, broken promises can foster distrust and undermine a project’s long-term potential.
This is where newcomers like Wall Street Pepe ($WEPE) are aiming to make a difference. By flipping the script on market manipulation, $WEPE focuses on offering real value to its community.
With $WEPE, the community becomes the insider, trading smarter and moving markets together as the unstoppable WEPE Army. Something which may be credited to the project’s instant success, raising almost $37 million in its presale already!
This project gives back to it’s community, built around a suite of premium tools and benefits such as trading alpha, private insider groups, and weekly rewards for its most profitable traders.
Even just by holding, investors can rake in passive gains by staking their $WEPE, with dynamic rates that reward early adopters and loyal stakers. Currently, this staking boasts a 35% APY.
The post Holders Turn on BONK After ‘BURNmas’ Flop – Can BONK Price Rally 50% Again? appeared first on Cryptonews.
