Meme Coin Rollercoaster Ride — BONK’s Value Plummets Amidst Market Turbulence and Rising Contenders
While the meme coin phenomenon bonk (BONK) captivated users on the Solana network, the cryptocurrency recently witnessed a 41% decline over the preceding fortnight, accompanied by a 20.8% descent in the past week. Following its mid-December peak to an all-time high (ATH), BONK has plummeted 57% from its ATH.
From Peak to Plunge in the Meme Coin Madness
BONK has witnessed a downturn over the past two weeks and on Dec. 30, 2023, it has an intraday trading range of $0.00001387 to $0.00001536, and at the time of writing, it is exchanging hands for $0.00001446, down 4.4% over the past day. While the crypto asset lost 41% over the two-week span and more than 20% this past week, BONK is still up by 272% over the last 30 days.
However, with prices at $0.00001446, the value of BONK is down 57% since the ATH of $0.00003416 per unit on Dec. 15, 2023. Despite the loss, BONK is still the third largest meme coin asset by market capitalization under DOGE and SHIB, and its overall valuation today is $887 million. BONK’s market cap is above the fourth largest meme coin CORGIAI’s $633 million valuation.
There are 56.02 trillion BONK in circulation as of Dec. 30, 2023, and 566,773 addresses hold BONK. The top ten wallets command 33.72% of the circulating supply and the top 20 holders command 40.49% of all the BONK. The top 100 BONK holders command 55.08% while the top address holds 11.68%.
The future trajectory of bonk (BONK) remains uncertain as the market’s whims could either further its decline or foster a resurgence. Amidst its current volatility, other meme coins are vying for the spotlight, each aspiring to replicate BONK’s earlier success. As these contenders inch closer, the landscape of meme cryptocurrencies continues to evolve, leaving BONK’s fate in the balance amidst this competitive fray.
What do you think about BONK’s decline over the last two weeks? Share your thoughts and opinions about this subject in the comments section below.
