• BONK, a meme coin on the Solana ecosystem, has seen its price rapidly decline, falling over 50% in the last 24 hours.
• The coin had seen massive gains in the 10-day period prior, recording a more than 4,000% return rate and reaching a market cap of over $200 million.
• With the downturn, BONK could be seeing the start of the end just like Shiba Inu had done in October 2021, making it wise to get out of the crypto.
BONK, a meme coin on the Solana ecosystem, has been the talk of the town since the start of the new year. The coin had risen from obscurity to the largest meme coin on the Solana ecosystem in less than two weeks, recording massive gains for investors during this time. However, the hype seems to have reached its peak and BONK has begun a dreaded downward correction.
In the last day, the price of BONK has rapidly declined, losing more than 50% of its value during this time. It hit its all-time high price of $0.0000049 on Thursday when the hype was at its peak but since then, has fallen to $0.000002. This was after recording a more than 4,000% return rate in a 10-day period and reaching a market cap of over $200 million.
The sell-offs have dragged the price of BONK back down, causing the price surge recorded in Solana over the last week to slow down significantly. BONK has recorded over 53% losses in the past day, while SOL has seen small gains of 0.17%.
With a downturn such as this, BONK could be seeing the start of the end just like Shiba Inu had done in October 2021. As such, it could be wise for investors to get out of the crypto and look for other more stable investments. Many investors have already begun selling off their tokens, leading to a further drop in the price.
The future of BONK remains uncertain at this point as it is a digital currency driven by purely social sentiment. It is possible that the coin will continue to decline or that it will once again experience a surge in value. It is important for investors to be aware of the risks and make sure to stay informed of the latest developments in the crypto space.