The hype surrounding Solana-based meme token Bonk (BONK) has died down. The value of the meme coin is falling and is now worth almost 22% less than 7 days ago.
The price of the dog-themed coin, which exploded this month, is currently $0.00001492, according to CoinGecko. It is a 7.5% drop in 24 hours.
Perhaps even more indicative of waning investor interest is BONK’s sharp decline since hitting an all-time high on December 15th. It is currently down more than 56%.
And BONK’s market capitalization currently remains below $1 billion where it was two weeks ago. Currently priced at $907 million, the token has fallen to the 84th largest cryptocurrency asset. It ranked at a very meme-friendly #69 on December 14th.
Nonetheless, long-term investors are in the black, as the token has rallied significantly by 17,196% since its launch last Christmas.
like decryption As previously reported, Solana developers received meme tokens via airdrop last year. If you had held on to your assets and not sold them, you would have made astronomical profits.
Like many meme coins and tokens, BONK is a highly volatile cryptocurrency and will likely soon be replaced by other cryptocurrencies.
These assets, based on internet jokes and memes, disappear almost as quickly as they come into existence. They have little utility other than generating large profits for lucky investors.
Solana (SOL) has been the coin of the moment this month and last month. The cryptocurrency, currently the fifth-largest cryptocurrency by market capitalization, bounced back in November after investors bet on a decline in the value of the digital coin.
As a result, asset prices soared as short sellers were forced to liquidate their positions and repurchase more SOL to cover their losses. This phenomenon is called a “short selling squeeze.”
More and more serious investors are seeing the utility of coins and networks that are cheaper and faster than Ethereum.
This led to a short-term explosion in the price of other coins and tokens running on Solana’s blockchain, such as BONK and meme coin Dogwifhat (WIF).
Edited by Stacey Elliott.