Shiba Inu (SHIB) vs Solana’s BONK: Memecoin Price Predictions for February 2024

Key Insights: 

• Shiba Inu (SHIB) price is trading at $0.00009 down 15% within the monthly time frame 
• SHIB’s 15%  downtrend has relatively outperformed Solana native BONK’s 22% correction in January 2024 so far. 
• Trading volume trends  provide key insights into how both assets could stack up in February 2024. 

Shiba Inu (SHIB) price has slightly outperformed BONK in January so far. However,  market metrics provide key insights into how both assets could stack up in February 2024.

SHIB Price Outperformed BONK in January 

BONK price blazed the memecoin market trail in December 2023 leaving mega caps like Shiba Inu and Dogecoin (DOGE) in its wake. Positive speculations and media hype surrounding airdrops from the Solana’s SAGA phone sent BONK price to a 9,400% between Nov 1 and Dec 15. 

However, since the turn of the year, the media euphoria surrounding BONK and the SAGA phone has dipped. As investor interest wanes, BONK has now fallen behind SHIB in terms of monthly price performance. 

The chart below shows that while SHIB price dipped 15% in 2024 so far, BONK has shed 22% of its value. 

Shiba Inu (SHIB) vs. BONK Price Performance, Jan 2024, Source: TradingView

Notably, the global crypto market has shrunk 12% losing $210 billion since the widespread sell-off that greeted the spot Bitcoin ETF approval. This impacted other altcoins and memecoins disproportionately. 

Interestingly, the chart above shows that Shiba Inu price has displayed more resilience than BONK amid the on-chain crypto market correction phase. 

As the bearish headwinds remain dominant, vital market indicators including trading volume trends and funding rates suggest that SHIB could stretch its lead over BONK in February. 

Trading Volume Trends Signal Greater Investor Interest BONK than SHIB

Despite Shiba Inu price overtaking BONK in January so far, trading volume trends suggest that BONK is attracting significantly higher investor interest. 

Since the SAGA phone brought BONK into limelight in December 2023, it has maintained its status as the second most-traded memecoin behind Dogecoin. 

The chart below shows that BONK trading volume has consistently surpassed SHIB over the past month. So far in January, BONK trading volume has ranged from a peak of $679.8 million to a low of $64.5 million. This gives a mid-point average trading volume of $372 million. 

 

Meanwhile, SHIB has only managed a peak trading volume of $329.9 million. Matched to a monthly low of $66.4 million trading volume recorded on Jan 27, SHIB has pulled a mid-point average of $198.2 million. 

Trading volume represents the total nominal amount of funds that investors have spent on a particular asset during a given period. It essentially serves as a proxy for measuring the level of investor interest and market participation. 

As things stand, BONK, with a market cap of  $740 million, appears to be pulling more investor interest than Shiba Inu, despite having only a fraction of SHIB’s $5.3 billion market cap.

This puts BONK in position to score more gains if the crypto market flips bullish in February 2024 and beyond. 

Forecast: BONK price to outperform SHIB and target $0.000002

Based on the trading volume trends analyzed above, investor interest in BONK appears to have outpaced SHIB since it gained prominence in December 2023. The could propel BONK up the price charts once the momentum within the memecoin markets swings bullish again. 

 

The Parabolic stop and reverse (SAR) signal also supports this narrative. The technical indicator shows that, at $0.00000011 BONK is currently trading far below the Parabolic SAR dots at $0.0000016. This alignment suggests a growing bullish momentum for BONK. 

And if BONK price can swing above the $0.0000016 resistance, a 45% rally toward $0.0000020 could be on the cards. 

On the downside, the bears could invalidate this prediction if BONK price drops below $0.0000009. However, the bulls could mount a significant support buy-wall around the $0.0000095 area to prevent substantial losses.