Cryptocurrency
Bonk Price Rises as Meme Coin Market Rebounds, Meme Kombat Also Backed to Pump
The meme coin market is showing signs of recovery after two brutal weeks, with Bonk (BONK) rising over 9% in the past 24 hours.
Several other major meme coins, like Dogecoin (DOGE) and Shiba Inu (SHIB), have also rebounded as the overall crypto market shows signs of life.
As interest returns to the meme coin sector, another new project being backed for growth is Meme Kombat (MK), which is in the midst of a highly successful presale phase.
BONK Price Bounces Back as Buyers Eye Further Gains
BONK is now hovering around the $0.000011 level, having erased most of the losses sustained on Monday.
The token has rejected $0.000010 as support – a level previously tested on January 8.
Following the last test of this level, the BONK price surged 92% in the days that followed, suggesting that there’s likely to be a large volume of buy orders in the area.
However, for BONK to mirror those gains, the token must break back above the 50-day exponential moving average, currently around $0.000012.
This is a distinct possibility, given that spot trading volumes are up 9% in the past day – making BONK the 50th most-traded cryptocurrency globally.
Crypto analysts are also turning bullish on BONK again, with trader Ty Digital setting a near-term price target of $0.000018.
Whether BONK can hit this zone in the days ahead remains to be seen, but momentum is clearly on the side of the bulls.
Top Meme Coins Rally as Buying Momentum Returns
It’s not just Bonk seeing a revival – the wider meme coin sector is bouncing back after a difficult period.
Major players like DOGE and SHIB have erased some of the losses sustained in previous weeks, gaining over 3% each in the past day.
Lower cap coins like Floki (FLOKI) and Memecoin (MEME) have also risen as hype returns to the meme coin space.
However, the biggest gainer over the past day is dogwifhat (WIF), which has surged 37% to hit $0.3224.
The price pumps of these tokens have helped the meme coin market’s value climb back over the $20 billion mark.
Interestingly, there has been no clear catalyst for the uptick in demand for meme coins – hinting that the resurgence may be driven by speculative trading and community-driven momentum.
Regardless, things are starting to look up for meme coin investors as sentiment appears to be shifting positively.
Newcomer Meme Kombat Turns Heads Before Uniswap Launch with Battle Arena Feature
While the meme coin market picks back up, a new addition called Meme Kombat (MK) is turning heads.
Set in a virtual battle arena, Meme Kombat allows players to watch animated fights between characters inspired by meme coins.
The platform uses its native MK token as the primary currency for wagers on fight outcomes, leveraging the power of the Ethereum blockchain for transparency and fairness.
Meme Kombat’s smart contracts have also been audited by Coinsult – adding another layer of safety for players.
The combination of gaming and staking provides utility for the MK token beyond mere speculation, setting it apart from the many hype-driven meme coins that flood the market each week.
As Meme Kombat is currently in its presale phase, early investors are given the opportunity to buy into the project at an early stage.
MK tokens are on offer for just $0.279 to presale buyers – yet this price point is only available for a limited time before the planned exchange listings occur.
Due to the low token price, influencers like My Crypto Journey have speculated that MK could be the “next big meme coin.”
Prominent YouTuber Michael Wrubel, who has over 310,000 subscribers, even predicted that MK’s value could “100x” if the development team achieves their strategic goals.
While there’s no telling whether these bullish forecasts will materialize, the enthusiasm surrounding Meme Kombat has reached a fever pitch as the project gears up for its official launch.
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After an eventful and highly volatile trading week, bitcoin’s price movements calmed during the weekend, and the asset sits quietly at $63,000.
Most altcoins have also stalled on a daily scale, but the weekly timeframe shows some impressive gainers from the likes of TAO, SUI, APT, and others.
Bitcoin Stalls at $63K
The week started with a price decline that drove BTC from over $60,000 to under $58,000. More volatility was expected mid-week when the US Federal Reserve met to discuss lowering the interest rate. Once that meeting took place and the US central bank cut the rates by 0.5%, BTC went on a rollercoaster with several big moves.
However, the bulls prevailed after the fluctuations and pushed the cryptocurrency from under $59,500 to over $64,000 registered on Friday. It became bitcoin’s highest price tag in over three weeks.
Nevertheless, the asset failed to maintain its run and retraced by just over a grand. Since then, it has been predominantly trading sideways at around $63,000. Still, it’s up by 4.6% on a weekly scale, which has pushed its market capitalization to just over $1.240 trillion.
Its dominance over the alts, though, has declined by 1% in the past few days to 54% (on CG) after soaring to 55% earlier this week.
Top Gainers
As mentioned above, the week quite well for most crypto assets. Ethereum is up by 7% in this timeframe and sits close to $2,700 now. SOL has increased by a similar percentage and is up to $147. BNB (5.5%) is above $585, SHIB has soared by 6%, while AVAX has gained almost 10% and trades north of $27.
Nevertheless, the top gainers from the larger-cap alts are TAO (47%), SUI (37%), and APT (28%). As a result, TAO sits at $477, SUI is close to $1.5, and APT trades at $7.85.
The total crypto market cap has added over $100 billion since last Sunday and is up to $2.3 trillion on CG now.
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The Wrapped Bitcoin market is seeing the emergence of new players, like Coinbase, the largest American crypto exchange. Analysts believe the market’s current condition presents an opportunity for higher user engagement, enhanced cross-chain liquidity, and significant growth in the coming years.
However, observations made in the latest CryptoQuant report suggest the race may not be smooth, and investors may be reluctant to use some tokens because of the mechanisms used by the custodians.
The Emergence of New Wrapped Bitcoin Tokens
Wrapped Bitcoin tokens enable holders to use other networks and decentralized finance (DeFi) applications that are not on the Bitcoin network without selling their BTC. They are backed 1:1 with BTC and are mostly found on Ethereum. The first of its kind, WBTC, was created in 2019 by digital asset infrastructure provider BitGo. It is currently the largest Wrapped Bitcoin in the market, with a circulating supply of 153,000.
Other types of Wrapped Bitcoin were launched in 2020, including HTX exchange’s HBTC, the Threshold Network’s tBTC, and the Ren Protocol’s renBTC. Coinbase’s cbBTC is the latest in the market, and it is found on the Ethereum layer-1 network and the exchange’s layer-2 protocol Base.
Coinbase launched cbBTC on September 12, and within a week, the token became the third-largest Wrapped Bitcoin in the market, surpassing HBTC and renBTC. CryptoQuant analysts found that 64% of the token’s supply on Ethereum is on the decentralized exchange (DEX) Uniswap. The token has been deposited in pools to provide liquidity for several trading pairs like cbBTC/WBTC and cbBTC/USDC.
Issues and Criticisms
The Coinbase Wrapped Bitcoin has a circulating supply of roughly 1,670 cbBTC ($101 million), with 941 cbBTC directly on Ethereum and 729 on Base. While cbBTC has unlocked a range of financial opportunities and offers holders access to trading, lending, borrowing, and yield farming on DEXs, the token has faced criticism from the community.
Unlike BitGo, which publishes the list of addresses holding the BTC backing WBTC on the Bitcoin network, Coinbase has refused to disclose the same information for cbBTC. This has made it impossible for any user to remotely verify that the BTC backing up cbBTC actually exists on the Bitcoin blockchain.
“Other criticisms have surfaced because the cbBTC smart contract administrator can blacklist addresses from transferring, minting, and burning cbBTC. This could imply a risk for cbBTC users that their holdings could be frozen,” CryptoQuant said.
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TL;DR
- Santiment ranked Oasis Network (ROSE) as the top AI cryptocurrency in development activity.
- Despite its 80% price rally over the past month, Artificial Superintelligence Alliance (FET) did not make the list.
The Leaderboard
Artificial Intelligence (AI) cryptocurrencies have been quite trendy lately due to the rising prices of many of the tokens encompassing that niche. The crypto analytics platform Santiment recently ranked the top 10 such assets in terms of monthly development activity, and in the following lines, we will present the results.
Oasis Network (ROSE) took first place with a score of 85.07. Near Protocol (NEAR), the largest AI-related cryptocurrency by market capitalization, occupied the second place. It is worth mentioning that the coin topped the previous ranking.
The Graph follows next in third place, whereas Oraichain (ORAI) and Bittensor (TAO) are fourth and fifth, respectively.
The rest of the AI cryptocurrencies down the line include Ocean Protocol (OCEAN), Golem (GLM), Aleph.im (ALEPH), Masa (MASA), and iExec RLC (RLC).
To conduct its research, Santiment touches upon numerous factors, such as tracking GitHub commits and code activity for development insights, monitoring on-chain data and observing social media trends to gauge community and market perceptions.
Which One is Missing?
It is interesting to note that one of the largest AI cryptocurrencies, with a market cap of over $4 billion, did not make the list. This is the Artificial Superintelligence Alliance (FET), which was formed by the merger of three major AI-related blockchain platforms: Fetch.ai, SingularityNET, and Ocean Protocol.
The asset’s price has been rallying lately, registering an 80% rise on a monthly scale. It currently trades at around $1.60 (per CoinGecko’s data), with some analysts envisioning much more substantial gains in the future.
Crypto Rover (a popular X user with over 800,000 followers), for instance, predicted FET could be “a great play this cycle,” seeing its price exploding to as high as $10 in the following months. Captain Faibik contributed, too, setting a midterm target of $3.90.
$FET Descending Broadening Wedge Upside Breakout is finally Confirmed..✅
Midterm Target : 3.90$#Crypto #FET #FETUSDT pic.twitter.com/QF4xkcVSWk
— Captain Faibik (@CryptoFaibik) September 20, 2024
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