The hype surrounding Solana-based meme token Bonk (BONK) has died down. The price of Memcoin is falling and its value is 22% lower than seven days ago.
The dog-themed coin that exploded this month is currently priced at $0.00001492, according to CoinGecko. This is a 7.5% 24-hour reduction.
It may be more indicative of waning investor interest since BONK's peak on Dec. 15: It's now down more than 56 percent.
And BONK's market cap sits below the $1 billion mark it touched two weeks ago. It now stands at $907 million and the token has dropped to the 84th largest crypto-asset. On December 14th, it reached the 69th position for Meme-Friendly.
Still, the token is up significantly since its launch last Christmas – by 17,196% – so long-term investors are in the black.
As DeCrypt previously reported, Solana developers were provided with encryption tokens in an airdrop last year. If they held the property and didn't sell it, they would make astronomical returns.
Like many meme coins and tokens, BONK is an extremely volatile cryptocurrency and may soon be replaced by another.
Such properties based on internet jokes and memes disappear as quickly as they come into existence. They have little recourse but to make some lucky investors big profits.
Solana (SOL) has been the coin of the moment this month and last. Now the fifth largest cryptocurrency by market value, investors bounced back in November to see the digital coin fall in value.
As a result, the asset rose in value because short sellers had to exit their positions and buy more SOL to cover their losses – a phenomenon known as “short squeezing”.
A growing number of serious investors have seen utility in the coin and its network, which is cheaper and faster than Ethereum.
This led to a short-term explosion in the value of other coins and tokens running on the Solana blockchain, such as BONK and the meme coin Dogwifhat (WIF).
Edited by Stacy Elliott.
Stay on top of crypto news, get daily updates in your inbox.
