Bonk, Solana's Answer To Shiba Inu, Could See 60% More Downside, Warns Trader: 'It's Going To Be Nasty'

Pseudonymous trader CrediBULL Crypto predicts a more severe "meme wipeout" than initially expected for Bonk BONK/USD, cautioning traders to prepare for significant downside.

What Happened: "If I'm right about what I'm seeing across the board this meme wipeout will be worse than I thought," he tweeted. He specifically pointed to Bonk and warned, "When BONK breaks down from this current consolidation which I've maintained is HTF distribution, it’s going to be nasty."

The trader predicts 60-70% downside from current levels for Bonk, which could have significant implications for investors in meme cryptocurrencies.

Crypto trader Crypto Chase noted that he is monitoring the sub $0.02 level, as it has been a key support earlier yielding a 100% return. He is not shorting it but keeping it on the radar in case the overall crypto market declines.

$BONK – It's a rough day in markets so this has added risks but I spoke about wanting the flat 3D candle taken out before I bid.

It's been taken so I have bought spot and will just run a wide stop with lower risk to hopefully get some reversion towards 0.0028. pic.twitter.com/Bb0UvpSaIg

— Astekz (@astekz) August 1, 2024

Also Read: What Is Going On With The ‘Shiba Inu On Solana’ BONK?

Why It Matters:  These warnings from crypto traders remind investors to be prepared for potential market volatility and to make informed decisions based on comprehensive data.

In the past 30 days of trading, BONK collected 3.6% gains in comparison to Dogecoin DOGE/USD and Shiba Inu SHIB/USD, which reported 1% and 6% drops during the same period. Floki FLOKI and Brett BRETT/USD saw significant declines of 6.5% and 18.2%.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Solana’s Answer To Dogecoin Outpeforms Broader Market With A 13% Spike: What’s Up With Bonk?

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image: Shutterstock