The PONKE token, a relatively new player in the world of cryptocurrency, has shown remarkable performance so far this year, despite experiencing a sharp decline from its peak in July.
Recent data indicates that the downtrend may be losing momentum, hinting at potential upward movement in the near future.
For about eight weeks, PONKE has been on a downward trajectory from its all-time high, leading to a shift in focus to other assets.
Nevertheless, the token appears to be ready for a comeback, especially as it is currently trading at a discounted price.
As per insights from LunarCrush Social Intelligence, PONKE has witnessed a significant surge in social dominance recently, suggesting a resurgence in investor interest.
This uptick in social dominance could signal increased liquidity inflows to the token.
Interestingly, this development comes at a time when PONKE has shown signs of relief from the persistent bearish pressure since its peak.
In June, PONKE reached a high of $0.715, marking an impressive 12,000% surge from its July low. Currently priced at $0.269, this reflects a substantial 62% discount from its all-time high.
The selling pressure on the token seems to have stabilized earlier this month.
Is this an opportune moment to reinvest in PONKE?
Given PONKE’s discounted valuation and historical demand at current and lower levels, many may view this as an attractive re-entry point.
Moreover, the simultaneous rise in social dominance and stabilization in price could be interpreted as a bullish signal.
Further supporting this outlook is the Money Flow indicator indicating a return of liquidity to PONKE.
With strong demand, the token could potentially revisit its previous all-time high and even go higher, representing a gain of over 165% from its current valuation.
PONKE’s rapid appreciation over just six months positions it as a prominent contender for significant accumulation in the next bullish cycle among memecoins.
It stands a chance to join the league of memecoins with market caps surpassing $1 billion, setting the stage for a noteworthy forecast.
If PONKE achieves a $1 billion market cap on a fully diluted basis, its price could rise to $1.8, translating to a substantial 569% increase from its current price level.
At the time of writing, PONKE’s market cap hovered around $150.4 million.