The previous 24 hours have been impressive for the cryptocurrency market, which sees a broad base rebound in many fronts.
Despite this development, as evidenced by the increase in the value of the combined crypto market by 3.4% to $880 billion on Thursday, the newly minted canine-centered BONK Solana has experienced a huge price drop relative to its competitors.
At the time of writing, BONK is trading at $0.000000968754, and is down 66% in the last seven days, data by Coingecko shows. In the last 24 hours, BONK has lost 1.6% of its value.
Chart: Coingecko
BONK Succumbs To Bearish Pressure
Despite its initial success, the BONK memecoin has struggled in the weeks since its launch. The token, which came out of nowhere and quickly rose to rank among the top 200 cryptocurrencies in terms of market value, was affected by a significant bearish trend around Thursday evening.
It has significantly exceeded the market since the beginning of the year, on the heels of the retail buy-up that pitted the dog-themed cryptocurrency against the meme coin heavyweights Dogecoin (DOGE) and Shiba Inu (SHIB).
There are claims from wealthy investors who have bought millions, if not billions, of the BONK viral coin over the past few weeks. Consequently, Thursday’s decline was a surprise for investors with high aspirations for cryptocurrency.
This week, BONK became the latest meme token to attract traders with a 3,300% increase. After that, cryptocurrency developers burn the remaining tokens, which represent 5% of the entire supply of BONK cryptocurrency.
Chart: TradingView
Dogecoin Rivals Rely On Solana Community Support
BONK was introduced on December 25, 2022, and its value began to rise in four-digit proportions. In addition, tokens are dominated by social trading platforms. Analysts consider the success of the new token for the Solana community.
The value of the token has struggled to bounce back from a loss of 66% in the face of continued negative growth, which caused it to give up some of the gains made over the previous week.
When we zoom in on BONK’s growth over the past two weeks, we see that it has increased by nearly 1,000% over that period.
Crypto total market cap at $864 billion on the daily chart | Chart: TradingView.com
All these incidents have created a stir about the Solana-based token. He also added to the optimism of token holders that crypto will gain credibility and stop being a fad.
However, as a result of the recent negative explosion, the diluted market capitalization has decreased by 32.61% to $102 million, while the altcoin’s 24-hour trading volume has increased by 200% to $36 million.
This is direct evidence that many SOL whales are selling BONK assets to make huge profits.
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