Is Bonk Going to Zero? BONK Price Drops 8% As Latest Meme Coin Pre-Sale Drops Soon
Solana’s second biggest meme coin, Bonk (BONK), fell 8% overnight, taking some of the heavier losses amidst a crypto pullback spurred on by market leaders Bitcoin (BTC) and Ethereum (ETH).
As of Monday morning, UTC, Bonk changes hands at $0.00002427. This is a near 50% decline from its previous all-time high of $0.00004547, posted on March 4 this year.
In comparison, Bitcoin only dropped 2.3% overnight and trades at around $62,309, while Ethereum dipped about 4.3% to trade at $3,171 as of this writing, according to CoinGecko.
Generally, meme coins have absorbed some of the heaviest losses today, relative to the market leaders. The sector’s top doge, Dogecoin (DOGE) fell 5.3% and is currently worth $0.1413.
Pepe (PEPE) and Floki (FLOKI) both fell 8% overnight, while Bonk’s chain mate and leading Solana meme coin DogWifHat (WIF) weathered the pullback a bit better, shedding 3.5% in the last 24 hours.
Fears that at this week’s Federal Reserve meeting, the U.S. central bank may keep interest rates higher for longer has moved investors to take a risk-averse approach to speculative investments, like crypto.
Still, by one metric, Bonk is doing pretty well. At today’s price, it’s 17.5% more valuable than it was this time last week. This seven-day appreciation is higher than any of the top 100 cryptocurrencies by market capitalization today.
Over on BONK’s trading chart, we can see fairly typical price movements for any token over the last three months. A market-wide surge through the end of February to early March rallied Bonk to its aforementioned ATH, although since then it has been trading relatively stably.
The token has found strong support around its current price level, and with a Relative Strength Index (RSI) reading of 40 and climbing, Bonk is likely to remain stable in the short-term.
As Bonk Meme Novelty Fades, Investors Pile Into Slothana
Investors that have been watching the space for a while right now may be asking themselves how much mileage the Shiba Inu-referencing canine coin phenomenon can last.
Dogecoin launched in 2013, so it has the first-mover advantage. However, being on a proprietary blockchain that’s all-too-similar to Bitcoin, it consumes a lot of energy to mine. It also lacks high-functionality smart contracts.
Shiba Inu (SHIB) is doing a great job of filling in the blanks where Dogecoin falls short. Another recent token, Dogeverse, is making the loveable joke multi-chain.
So, the market is pretty saturated in meme coins right now. Investors looking for some more sweltering upside potential would be more likely to find them in newer meme coin projects.
🌅🌿 As the sun rises on the final day of the Slothana presale, the savannah stirs with anticipation. Behold, the dawn of a new era is upon us! 🦁🚀 Today, we bear witness to the rise of Slothana, destined to rule over the memecoin masses with wisdom and slothful grace.
Gather… pic.twitter.com/zVp9FKyMPX
— Slothana (@SlothanaCoin) April 28, 2024
That’s where Solana’s latest meme coin sensation Slothana ($SLOTH) comes in. From the clock on the wall indicating 4:20 to his baked red-eyes and contented smirk, Slothana is clearly cut from a different cloth.
Slothana has raised over $15 million in his ICO as traders flocked to the coin hoping to catch some of the early price booms of other Solana meme legends that have pumped recently, like Slerfs, DogWifHat and Bonk.
The presale window closed today. However, the countdown timer on the official has now been replaced by a message saying that a launch date announcement is incoming.
Interested? Stay abreast of developments by following Slothana’s X account.
You can also Visit Slothana Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
