Investors rush to new SOL meme coin, dubbed the next Bonk

Ethereum whales are accumulating ETH while retail investors focus on meme coins like ChowWow, signaling a potential price rally amid Bonk’s continued decline.

Ethereum has witnessed a notable trend as whales accumulate substantial amounts of ETH tokens. According to Crypto Rover, Ethereum investors are strategically positioning themselves amid a market distracted by meme coins. Bonk’s price, on the other hand, continues to struggle following its recent dip that saw the BONK token lose most of its November 2024 gains.

Bonk’s price fell at the intraday level amid the dominance of the dipping short-term trend, coupled with negative signals from the RSI. In the meantime, ChowWow (CHOW) continues to record increasing prominence in both the crypto space and social media platforms thanks to its strong presale performance. With a first stage price of just $0.008, this DeFi coin could emerge as the next big crypto.

Whales accumulate Ethereum as retail focus shifts to meme coins

The recent accumulation by Ethereum whales suggests a strategic positioning, as they anticipate a potential rally in the price of Ethereum. Historical patterns indicate that such an accumulation by large holders can precede significant Ethereum price movement.

This has also been supported by data from CryptoQuant, which shows whale addresses holding over 1,000 ETH tokens increased their holdings recently. The accumulation of Ethereum tokens by whales could signal an upcoming uptrend momentum for the token. According to technical indicators, the MACD and Hull Moving Average points at a bullish outlook.

The Ethereum price has also recorded a weekly rally of over 4% to trade above the $2,700 region. The 50-day SMA is also above the 200-day SMA, strengthening the possibility of bullish momentum as the short-term average is above the long-term average. Crypto Rover’s recent tweet also points to a pumping Ethereum price.

Bonk’s monthly slump: Breaking down the over 46% dip

Over the past month, Bonk’s price movement has had a substantial dip of over 46% to hover above the $0.000016 level. Bonk had an early stability phase, followed by a steep dip in late January. This indicates a shift in market sentiment caused by significant sell-offs or diminished investors’ confidence.  

Bonk’s price chart also suggests that the meme coin had persistent downward pressure, indicating that sellers dominate the market, resulting in decreased prices. Following the significant loss, Bonk’s price tried to stabilize around $0.000018 in February, but it was also rejected, dipping near the $0.000017 level.

The absence of a strong comeback signifies low demand for the BONK token, which points to more consolidation in the coming weeks. However, Ali Martinez suggests a bullish outlook that could see the BONK token surge towards the $0.00009 high.

ChowWow: The community-driven DeFi coin

The crypto market has witnessed a surging trend in the emergence of new meme coin projects. ChowWow is looking to join the race while giving competition to Bonk. ChowWow aims to build on the meme coin hype while combining a community-driven approach with play-to-earn and staking features.

ChowWow introduces an ecosystem that leverages the SOL blockchain’s unique offerings, including speed and affordability. In the ChowWow Kingdom, players will participate in mini-games and complete tasks and challenges to earn rewards in the form of CHOW tokens or the platform’s unique limited-edition collectibles. Additionally, CHOW holders will also have the chance to enjoy between 8% and 15% APY.

To stand out, ChowWow will prioritize its community with airdrops and rewards for community members when they promote the project and take part in events. 5% has been allocated for community airdrops, while 7% will go to marketing and partnerships. This highlights the project’s commitment to ensuring that everyone can utilize it. This move has already seen the CHOW token gain significant attention in just stage one of its presale with a low entry price of $0.008.

Conclusion

Bonk price movement points to a bearish outlook that could see the token continue to consolidate in the coming weeks. Meanwhile, the accumulation of ChowWow signals an incoming price rally. ChowWow is emerging as a key player within the meme coin sectors and the DeFi space through its unique blending of gaming and meme coins.

To learn more about ChowWow, visit the ChowWow presale.