At a time when the crypto market is seeing low prices, another meme coin called BONK has entered the race. This coin, unlike its predecessors, is on the Solana blockchain and is currently the most successful meme coin out of the ecosystem. Cryptocurrency has grown rapidly over the past week, but is it still a good time to get in?
Should you buy BONK?
Like the meme coin, the price of BONK is rising with excessive shillings on social media. It comes from an influencer with a large following and once FOMO kicks in, the coin quickly rises. Even today, there is still a lot of interest with trading volume crossing $16 million in the last 24 hours.
Because of this, it is possible that the meme coin has reached or is close to its peak. With an increase of more than 2,000%, buying now could leave the last investor holding the bag if it starts to decline, especially in the current market climate with poor conditions.
However, on the flip side of this is the possibility that the coin does not end with its rally. The same way with other meme coins such as SHIB and DOGE, which have had so many people think they have reached their peak, but they keep going.
The only thing that is certain now is that BONK will surely reach a point where it can no longer sustain the hype. After this incident, investors should expect a downward trend as has been recorded in DOGE and SHIB in the past year.
Is Meme Coin Season Back?
The growth of BONK over the past few days could easily mislead people into believing that meme coin season is back but that is not the case. Besides Solana-based cryptocurrency, no other meme coin is rallying in the market today.
For example, the biggest meme coin on the market, Dogecoin, may be looking green today but it has only gained 1% in the last 24 hours. The same goes for Shiba Inu which only rose 1.10% in the same period.
For comparison, the price of BONK rose over 110% in the last day alone, according to data from Coinmarketcap. If the cryptocurrency has triggered the return of the bull market coin meme, then there will be similar results among other coins but the prices of these assets remain silent in the meantime.
BONK is only 10 days after its launch on December 25. The project is called “The first Solana Dog Coin for the people, by the people,” and with a market cap of $107 million on Wednesday, it is officially the largest. meme coin in the Solana ecosystem.