Is Bonk Headed Towards Zero? BONK Price Plummets 8% as Upcoming Meme Coin Pre-Sale Nears
In a slight setback, Bonk (BONK), Solana’s second-largest meme coin, experienced an 8% drop overnight, joining the crypto market’s pullback influenced by industry leaders Bitcoin (BTC) and Ethereum (ETH).
As of Monday morning, UTC, Bonk is trading at $0.00002427, marking a nearly 50% decline from its previous all-time high of $0.00004547, reached on March 4 of this year.
In comparison, Bitcoin only saw a 2.3% drop overnight and is currently trading around $62,309, while Ethereum dipped about 4.3% to $3,171 at the time of writing, according to CoinGecko.
Meme coins, in general, experienced significant losses today in relation to market leaders. The top doge in the sector, Dogecoin (DOGE), fell 5.3% and is currently valued at $0.1413.
Pepe (PEPE) and Floki (FLOKI) both experienced an 8% drop overnight, while Bonk’s fellow Solana meme coin, DogWifHat (WIF), fared slightly better with a 3.5% decrease in the last 24 hours.
Investors are concerned that the U.S. central bank may maintain high interest rates for a longer period, leading them to adopt a risk-averse approach to speculative investments like cryptocurrencies.
However, Bonk seems to be performing relatively well according to one metric. At its current price, it has appreciated by 17.5% compared to last week, surpassing the seven-day appreciation of any of the top 100 cryptocurrencies by market capitalization.
Analyzing BONK’s trading chart, we can observe typical price movements for any token over the past three months. The token experienced a surge from the end of February to early March, reaching its aforementioned all-time high. Since then, it has been trading relatively steadily.
Source: TradingView
The token has found strong support at its current price level, and with a climbing Relative Strength Index (RSI) reading of 40, Bonk is expected to remain stable in the short term.
As the novelty of Bonk as a meme coin fades, investors are turning their attention to Slothana, a sensation in the Solana ecosystem.
Investors who have been observing the market for some time may be wondering how long the Shiba Inu-inspired canine coin phenomenon can last. Dogecoin, launched in 2013, holds the advantage of being the first mover in the space. However, it consumes a substantial amount of energy for mining and lacks advanced smart contract capabilities.
Shiba Inu (SHIB) has stepped in to fill the gaps where Dogecoin falls short. Another recent token, Dogeverse, has taken the joke multi-chain approach.
With the meme coin market currently saturated, investors seeking greater potential for upside would be more inclined to explore newer meme coin projects. This is where Slothana ($SLOTH), the latest meme coin sensation on Solana, comes into play. From its laid-back demeanor to the clock indicating 4:20, Slothana stands out from the crowd.
Slothana has already raised over $15 million in its ICO as traders eagerly anticipate the early price surges seen with other Solana meme coin legends like Slerfs, DogWifHat, and Bonk.
While the presale window has closed, the official website now displays a message indicating that a launch date announcement will be made soon.
To stay updated on developments, follow Slothana’s X account.
You can also visit Slothana’s website and follow them on Google News.
Disclaimer: Cryptocurrency is a high-risk asset class. This article is for informational purposes only and should not be considered investment advice. There is a possibility of losing all of your capital.