The value of BONK, a meme coin based on the Solana blockchain, has plummeted by 50% since reaching its all-time high earlier this month. On December 16, the coin was trading at an impressive price of $0.00003419. BONK gained significant attention in the crypto community this year, with many enthusiasts seeking after the asset. It appeared on lists of the top-performing crypto assets, experiencing a staggering surge of 19,514.09%. This surge positioned BONK alongside established meme tokens like Dogecoin and Shiba Inu. However, after reaching its all-time high on December 15, the asset took an unexpected turn.
As of now, BONK is trading at $0.000016, experiencing a decline of 12.57% in the past 24 hours. This means that the coin is more than 50% down from its all-time high price. Over the last seven days, BONK has also decreased by 14%. Despite these recent drops, the coin’s three-month surge remains at a substantial 8,099.81%.
The current price action has left investors facing a difficult decision regarding their holdings, as the future of the meme coin appears uncertain. Discussions surrounding whether BONK will regain a bullish run are taking place on various crypto forums. Analysts believe that the next price movement will be crucial for the asset and its investors. Based on past experiences, sharp declines like this often push an asset to a level that is difficult to recover from.
To provide some perspective, Shiba Inu, another meme coin, surged by over 700,000% in 2021. However, it is currently down by 87.79% from its all-time high in October. In the past few days, Shiba Inu has shown positive performance with a 4% gain on weekly investments. The coin is currently trading at $0.000011, which is $0.000003 higher than its previous price. Over a three-month period, Shiba Inu has increased by 47%.
Despite the current situation, some analysts believe that there is still hope for BONK. In fact, they consider the current scenario as a perfect entry point for new investors. While nothing is guaranteed in the volatile crypto market, experts speculate that BONK’s recent listing on Binance and Coinbase could potentially trigger a bounce back.
It is worth noting that the sudden surges of meme coins are often driven by social media hype and speculative trading rather than solid technological or economic foundations. Leverage can amplify gains during market upswings but can also result in losses during pullbacks.
On a different note, Solana has emerged as the fourth largest crypto asset by market capitalization, with a three-month surge of 487.65%. The blockchain platform has also seen a 46% weekly gain, with a current trading price of $112.88. At the time of writing, Solana has a bullish market sentiment score of 70/100.
As for the most popular meme coin, Dogecoin, it currently has a neutral market sentiment and a negative return of 0.5% in the past 24 hours. Over a three-month period, Dogecoin has gained 53%, increasing its price by $0.031374 to trade at $0.092305.
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