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- Solana-based meme coin, BONK lost 50 percent from its all-time high value reached earlier this month.
- It can be recalled that the asset was trading at its all-time high price of $0.00003419 on December 16.
Solana-based meme coin, BONK, is one of the notable projects that emerged in the crypto scene this year. Several crypto or meme enthusiasts sought after the asset and made multiple appearances in lists of the most gained crypto assets within some specific time. This asset surged by a whopping 19,514.09% as it poised to rub shoulders with the already established meme tokens like Dogecoin and Shiba Inu. Interestingly, this asset has taken a surprising u-turn after hitting an all-time high price of $0.00003419 on December 15.
As of press time, BONK was trading at $0.000016 after declining by 12.57% in the last 24 hours. This implies that BONK is more than 50% down from its all-time high price.
The meme coin is also down by 14% in the last seven days. Interestingly, its three-month surge is still standing at 8,099.81%.
The current price action has forced investors to make a bold decision on their holdings as the future looks uncertain for the meme coin. The topic of whether BONK may or may not return to a bullish run has become a center of discussions on various crypto forums. Analysts believe that the next price movement could be a deciding factor for the asset and the rest of the investors holding onto it. From experience, such sharp declines are reported to easily send the asset to a hard-to-recover-from level.
How Bonk Compares with Other Meme Coins
Shiba Inu was cited as an example as it once surged by over 700,000 percent in 2021. Based on market data, Shiba Inu is 87.79 percent down from the all-time high recorded in October 2021. This asset has been having a good time in the past couple of days as investors make a 4% gain on their weekly investment. Shiba Inu is currently trading at $0.000011, adding $0.000003 to its previous price in a three-month surge of 47%.
For BONK, some analysts believe that there is still hope, and even describe the current situation as a perfect entry point for new investors. While nothing is guaranteed in the crypto market, the recent listing on Binance and Coinbase could trigger a bounce back according to market experts.
The sudden surge of some meme coins is mostly linked to social media hype and speculative trading instead of substantial technological or economic underpinnings. Leverage is reported to amplify gains in moments of market upswings. It can equally lead to loss when there is a pullback.
Solana on the other hand has become the fourth largest crypto asset by market cap with a three-month surge of 487.65%. Solana has also made a weekly gain of 46% to trade at $112.88. As of press time, the asset had a bullish market sentiment with a score of 70/100.
The biggest meme coin, Dogecoin, is also having a neutral market sentiment and a negative return of 0.5% in the last 24 hours. Dogecoin has also made a three-month gain of 53%, adding $0.031374 to its previous price to trade at $0.092305.
