How Meme Coins BONK, SHIB, PEPE Opened the 2024 Trading Week

• BONK’s momentum indicators show that daily demand has declined.
• On-chain indicators show that PEPE transactions remain profitable.
• SHIB gears for a decline as the bears re-emerge.

Meme coins registered tremendous price rallies in the last month of the 2023 trading year. One such crypto asset was Solana-based dog-themed Bonk [BONK], whose value climbed by over 250% during the 31-day period, according to data from Coingecko. 

Other coins, such as Pepe [PEPE] and Shiba Inu [SHIB], saw their prices increase by 25% and 28%, respectively, within the same window period. 

Profit-taking Caused BONK to Plummet

After peaking at $0.000032 on December 15, BONK initiated a decline. At that price level, the market had become severely overheated, and buyers’ exhaustion had set in. That price point also marked an all-time high causing many token holders to distribute their tokens. 

Trading at $0.0000136 at press time, the altcoin’s price has since fallen by almost 54%. As its price trends downward, daily demand has also begun to fall. Key momentum indicators assessed on a daily chart showed the token’s Relative Strength Index (RSI) and Money Flow Index (MFI) …

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