You may have noticed that the Solana network-based memecoin BONK has been in the news frequently due to gigantic gains. The trading volume also increased dramatically and was even… higher than XRP. However, after a new one All-time high, BONK plunged 44% last week. Should traders be worried?
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Bonk all time high
It all started last Christmas, when… Airdrop, a process of distributing certain tokens or coins for free, has been an appreciation for Solana project users. For example, developers in the LamportDAO community each received 25 billion BONK tokens, which were worth about $300 at the time.
The coin, whose symbol is a dog, shot to a new all-time high of $0.00003416 last week but has since fallen to a current price of $0.000020. At the time of writing, a drop of up to 41% in just a few days.
Despite this drop, the total tokens received by the LamportDAO community are still worth a staggering $485,000.
Solana herself is also resurrected
In addition to the big gains, there is also BONK SOlana (SOL) itself has risen recently due to the following factors, among others big news from the crypto exchange OKX. In fact, Solana is up almost 9% today to a current price of $79.
The token is still far from its all-time high of around $225, but has risen sharply since late last year, when the price fell to $8 following the collapse of crypto exchange FTX. The cryptocurrency has also taken over the top 5 position from Ripple (XRP).
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A sharp increase was followed by a significant decline
This is not the first time that BONK has seen a sharp rise followed by a significant decline. After last year’s start, it rose sharply in January, but also fell sharply again. A small detail: BONK’s last all-time high of $0.00003416 is ten times higher than its price at the time.
Despite this, BONK still has a market capitalization of around 1.17 billion, placing it in 58th placee is the largest cryptocurrency. It is still the third largest coin with a dog as its symbol Dogecoin (DOGE) and SHiba Inu (SHIB)
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