- BONK, a Solana-based meme token, soared in popularity this month but has since plummeted over 50% from its all-time high of $0.000003339 on December 15th.
- Like other meme coins, BONK is extremely volatile, and its hype appears to be dying down as investors move on to the next fad.
- The excitement around Solana itself has also cooled substantially after a short-lived price surge, affecting related assets like BONK that rode its coattails.
BONK’s Price Plummets Over 50% From Peak
BONK is currently trading at $0.000001492, according to CoinGecko. That’s a 75% drop in the last 24 hours.
Even more telling is BONK’s plunge from its all-time high of $0.000003339 on December 15th. The meme coin has fallen by over 56% since then.
BONK’s market cap has also dropped below $1 billion after touching that milestone two weeks ago. It now stands at $907 million, and BONK has fallen to 84th place among all crypto assets after reaching 69th in mid-December.
Still, long-term investors are likely still well in the green, as BONK is up 17,196% from its launch last Christmas.
The Volatility of Meme Coins
Like many meme-based cryptocurrencies, BONK is extremely volatile and subject to wild price swings based on hype and speculation.
Meme coins rarely have real-world utility and often disappear as quickly as they arrive once a new meme coin captures investor interest. BONK is likely to face the same fate in the near future.
The Solana Hype Train Slows Down
Solana (SOL) itself has cooled off after a hot month, falling from over $170 to current prices around $11. The blockchain saw a flood of investor interest after a price surge prompted by a short squeeze.
Other Solana-based assets like BONK and Dogwif also exploded as investors piled into SOL and coins/tokens on its network. But the hype appears to be slowing substantially.
Meme mania comes and goes quickly in crypto. For those who got in and out at the right moments, massive gains were there for the taking. But hype coins like BONK inevitably flame out once a new fad captures investor interest.