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Since the SEC’s ruling this month in favor of the crypto market, more investors have intensified their search to find the most profitable cryptocurrencies. Market analysts have speculated a market boom will occur in the succeeding months, and there’s no better time to invest in the market than now.
With the projected market boom, a few meme coins have made the rounds in crypto circles over the last week. From $BONK to $DOGE and $GOFX, investors have numerous options.
In this article, we gauge the current and projected prices of $BONK, $DOGE, and $GOFX, their market performance, and what to expect in the coming months. So kick back and enjoy the ride!
The Rise and Sell-Off of $BONK
BONK token is a meme token launched on the Solana blockchain on December 25, 2022. It was created as a dog-themed coin for the Solana community to bring liquidity back to Solana-based decentralized exchanges (DEXs). Hence, $BONK is accepted within multiple Solana projects for minting NFTs and participating in raffles and casino games.
$BONK was airdropped to eligible Solana wallets, with 50% of its total supply distributed to the Solana community. This airdrop led to a spike in trading volume and increased demand and price.
Over the last 13 months, there have been significant fluctuations in the price of $BONK. Within the first five months of the initial airdrop, the coin gained 4,315% of its initial price. $BONK reached its all-time high in December 2023 following its listing on Binance and Coinbase. However, this price surge was short-lived.
A few days after the coin peaked, popular crypto market analyst Lookonchain posted on X that $BONK’s listing on Binance and Coinbase was a “buy the rumor, sell the news” event. This was further explained with details that a whale had sold over 52 billion $BONK tokens valued at $927,000. As expected, this news affected the coin’s price.
$BONK declined by over 60% of its 2023 mid-December peak price when Solana dropped from $117 to $107. This further undermined all the rallies’ efforts to counter the selling pressure.
$DOGE’s Similar Trajectory
Dogecoin was created by Billy Markus and Jackson Palmer in 2013 as an amusing “meme coin” with little value. However, in 2021, it gained global attention and became one of the largest cryptocurrencies with a market cap of over $50 billion. The coin’s value and price were influenced by its collaboration with retail investors on Reddit and Elon Musk’s tweets on X.
Despite its low individual coin value, the vast supply of $DOGE and its community of enthusiastic fans, “Shibes,” allowed it to achieve a high market cap. However, things took a turn in November, 2021. While other coins responded to Bitcoin’s price explosion, $DOGE was not positively influenced. In 2022, Dogecoin was worse off as it continued to drop. In 2023, although still a far cry from its all-time high, $DOGE remained stable.
In the past week, however, market analysts discovered on-chain transactions of about 333 million $DOGE tokens. These tokens are worth almost $27 million, and analysts suggest that this may be the beginning of major $DOGE sell-offs. Based on previous market trends, a selloff of this magnitude will significantly impact the price of $DOGE.
Is $GFOX the Safer Memecoin Choice?
Galaxy Fox is a web3 platform with a unique meme coin, $GFOX. This ecosystem was launched in 2023, and it operates as a staking platform with play-to-earn gaming opportunities, which allows players to enjoy thrilling adventures, earn valuable rewards, and accumulate $GFOX tokens and in-game assets.
$GFOX operates on the Ethereum blockchain (ERC-20) network, which provides optimal accessibility and participation to its community members. Members can earn 2% of Galaxy Fox tokens from every transaction via the platform’s staking pool.
So far, Galaxy Fox’s presale has been successful, with over 95% of the stage 6 supply already sold. The project is on track to exceed $5 million in presale records by the end of January 2024.
Analysts have speculated that $GFOX is the next big coin to watch out for in 2024. Upon its exchange platform listing, it is expected to be among the top 3 meme coins in the market. This anticipation will increase the coin’s price by 50x its current price.
Join The GFox Presale
Bottom line
Undoubtedly, $BONK has done pretty well on the Solana blockchain. However, $BONK has also exhibited significant volatility since its launch, making future price predictions uncertain. Similarly, the recent news of a major Dogecoin selloff has affected investors’ confidence in the coin. As it stands, the future price predictions of $DOGE are quite shaky.
Amid these uncertainties, however, $GFOX is thriving on its path to its $5 million. Early investors are in for a good time with the opportunities that $GFOX provides. There is no better time to invest in $GFOX than now.
Learn more about $GFOX here:
Visit Galaxy Fox Presale | Join the Community
