The biggest loser today is Bonk (BONK), the Solana (SOL)-based memecoin that recently blew away the crypto world with its price surge. After coming into the spotlight, the relatively new memecoin has been in a significant correction phase.
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BONK falls 14%
Earlier this month, BONK exploded to an all-time high, reached on December 15th. Since then, a correction phase has begun, which was pushed to higher levels this week.
Yesterday BONK already suffered a significant decline and today the price is in the red again. Actually; BONK is the biggest loser within the top 100 crypto coins with a decline of 14.20 percent. In the past week, the price has already fallen by just over 24 percent.
Measured from All-time high BONK has already lost around 54 percent from just under two weeks ago. After the impressive price rally since mid-October, investors appear to be benefiting from their profits
In the period from October 21st to the record high, the price rose by a whopping 9,400 percent. After such absurd increases, a correction of more than 50 percent seems much more appropriate.
BONK is not the only Solana token that has fallen. A large part of the ecosystem, which has recently grown incredibly quickly, is now holding its breath. While most of the crypto market is in the green, Solana itself is also in the red. However, this is a minimal decline of 2.49 percent.
Nevertheless, trading volume on Solana’s decentralized exchanges (DEXs) remains very high. In the last 24 hours, $1.44 billion was traded on such exchanges, accounting for a whopping 26 percent of the total DEX trading volume across the crypto sector.
1 year BONK anniversary
Earlier this week was also BONK’s one-year anniversary. On December 25th last year, the memecoin was airdropped to various Solana users.
BONK has quickly become a top 100 cryptocurrency, now available on the world’s largest exchanges Binance and Coinbase. What started as a joke is now suddenly a real competitor to the meme kings Dogecoin (DOGE) and Shiba Inu (SHIB).
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