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Solana’s BONK Crashes 50% In 24 Hours, Is It Time To Get Out?

Best Owie
Best Owie
1 year ago
3 mins read
BONK Solana

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Solana-based BONK has been all the craze since the start of the new year. The meme coin had risen from obscurity to the largest meme coin on the Solana ecosystem in less than two weeks, recording massive gains for investors during this time. However, the hype seems to have reached its peak and BONK has begun the dreaded downward correction.

BONK Falls 50% In 24 Hours

In the last day, the price of BONK  has rapidly declined, losing more than 50% of its value during this time. It hit its all-time high price of $0.0000049 on Thursday when the hype was at its peak but since then, has fallen to $0.000002.

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This was after recording a more than 4,000% return rate in a 10-day period and reaching a market cap of over $200 million. However, as is the case with meme coins, holding on to such gains becomes impossible with no real utility and eventually, the sell-offs dragged its price back down. Being a digital currency driven by purely social sentiment, this was expected to happen, just like it did with predecessors such as Dogecoin and Shiba Inu.

This drawdown in price has also seen the price surge recorded in Solana over the last week slow down significantly. However, while BONK is seeing over 53% losses in the past day, SOL recorded small gains of 0.17%.

BONK price chart from TradingView.com

BONK falls over 50% in 24 hours | Source: BONKUSDT on TradingView.com

Is It Time To Sell The Tokens?

With a downturn such as this, BONK could be seeing the start of the end just like Shiba Inu had done in October 2021. As such, it could be wise to get out of the cryptocurrency now if the losses were to continue for the next few days. But it is also important to take into account the growth of the meme coin, as well as the attention it is receiving in the market.

For example, BONK remains one of the most visited pages on Coinmarketcap. It is second only to RichQUACK, another meme coin that has not done well in the last week. What this shows is that there are still a lot of eyes on the cryptocurrency, which could give it a leg up.

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Another important tidbit is that BONK transactions had reportedly surpassed that of Ethereum in the last three days, according to data from Dune Analytics. Now, this is only at the peak of the hype and does not mean that the meme coin would be able to sustain such levels but is important to note nonetheless.

BONK transactions

Transactions surpass Ethereum | Source: Twitter

However, it is essential to remember that when a digital asset falls 50%, it would need to see a 100% increase to get back to its previous price, which can be a hard feat to accomplish for a meme coin. In the end, investors should keep in mind that meme coins are more volatile than the average large-cap cryptocurrency.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from CryptoPotato, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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