Doge-Themed BONK Drops 54% After Unprecedented 3,300% Gains
Solana's Doge-Themed BONK Token Enjoys a Wild Ride
It's been a wild ride for the Doge-themed BONK token this week, with the Solana-based meme coin soaring to a new all-time high before dropping by over half in the span of just 11 hours. But even with its volatile swings, BONK still managed to outperform Bitcoin and other major cryptocurrencies this week, and its surge is helping to fuel the Solana ecosystem.
BONK Goes Bonkers
BONK has been on a wild ride this week, fueled by Solana developers and aficionados who have embraced the jokey vibe and memey nature of the token. After months of declining value for SOL, BONK has been a welcome boost to the ecosystem. On Wednesday and into Thursday, the token more than tripled in price, peaking at $0.00000487 per data from CoinGecko.
But Thursday brought a sharp fall, with the token dipping as low as $0.00000223 this morning—a 54% drop in less than 11 hours. It's a familiar pattern for meme coins and tokens, which famously surge and fall based on things like social media sentiment. Other meme coins and tokens, such as Shiba Inu (SHIB), Dogecoin, and Floki Inu (FLOKI) have seen similar wild swings in the past.
BONK Bounces Back
Fortunately, BONK is already rebounding, popping back up to $0.00000315 as of this writing. And even with the sizable drop, BONK is still vastly outperforming all major cryptocurrencies this week. The token is up more than 3,300% over the last week, and still retains a 42% gain over the past 24 hours.
The surge is a boon for developers and creators building on Solana, as well as collectors of some popular NFT projects on the platform. BONK was launched last month and half of the 100 trillion token supply was airdropped for free to the community, including builders and collectors. For example, some Solana app builders who joined LamportDAO received 5 billion BONK on December 25. At the peak price last night, that stash would have been worth almost $122,000.
CoinGecko showed surging trading volume for BONK last night at a significant multiple of previous levels, with 24-hour volume peaking around $230 million overnight. It's clear that traders betting on a “degen” meme coin play were partly responsible for pushing its price to the recent peak.
SOL Surges
The momentum around BONK is also fueling a price surge for Solana itself, which fell to a nearly two-year low of $8.17 last week. Now SOL is trading for more than $13 again, up 34% on the week. It may be a small uptick compared to its peak of $260 in November 2021, but it's still a welcome sign for the Solana ecosystem.
It may seem silly, but it's true: BONK is pumping fresh life into the Solana space at the start of 2023. And despite its volatile swings, BONK is still massively outperforming other coins this week—proving that the power of the Doge meme is still going strong.
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