• BONK, a new Solana-based meme token, has experienced a 50% decline in the last 24 hours, but is still up 2,000% since first listing at the end of December.
• The cryptocurrency had a fantastic opening week, rising from $0.000000086142 to $0.00000487 in just under a week, resulting in a gain of 5,500%.
• Although investors may be wondering if now is the time to ‘buy the dip’, the fact that BONK is a meme token with little real-world utility means that any long-term gains may be unlikely.
The new meme token BONK has had quite the journey since first listing at the end of December. After rising to as high as $0.00000487, it has now dropped by 50% in the last 24 hours to $0.00000182, but is still up by around 2,000% since first listing.
When it first listed, BONK saw a tremendous surge in interest, with the price rising from a mere $0.000000086142 to $0.00000487 in just under a week. This resulted in a gain of just over 5,500%, making its early holders (if not investors) a very sizeable profit.
However, the fact that the token has now dropped by 62.5% since reaching its all-time high yesterday suggests that its value may still be volatile. The self-proclaimed ‘first Solana dog coin for the people’ had an airdrop at the end of the year, with 50% of its total maximum supply of 100 trillion BONK being distributed among developers, creators, and NFT holders within the Solana community. This means that those who were lucky enough to receive the airdrop could have been the same people to benefit from the pump.
As such, some investors may be wondering if now is the time to ‘buy the dip’, but due to BONK having little real-world utility, any long-term gains may be unlikely. This means that while the token may still experience further declines, investors should be aware that any sustained rises over a long period of time may not be realistic.