In the volatile world of cryptocurrencies, the memecoin BONK recently made headlines with a staggering 1,000% surge in just a few weeks within the Solana ecosystem.
However, the rollercoaster ride took a downturn after reaching an all-time high of $0.00003416 last week, now resting at $0.00001931—a 44% drop in days. Despite this, BONK remains up 56% in the past week and a remarkable 502% in the last 30 days.
This isn’t the first time BONK has experienced such fluctuations, having launched a year ago with a similar pattern in early January.
Even with the recent dip, BONK maintains a $1.17 billion market cap, ranking as the 60th largest cryptocurrency and securing its position as the third-largest dog-themed coin after Dogecoin and Shiba Inu.Â
BONK’s unique distribution model involved airdropping half of its supply to the Solana community in December, benefiting developers, artists, and NFT collectors.
Solana (SOL) itself is on an upward trajectory, rising 5% to $74 in the past day and marking a 24% increase over the last month.
While down from its peak in November 2021, Solana has significantly rebounded since plummeting to just above $8 late last year after the FTX crypto exchange collapse.
BONK’s meteoric rise, subsequent sharp drop, and enduring market cap underscore the crypto’s rollercoaster nature, while Solana’s recent growth showcases its resilience post-FTX collapse.
Also Read: Solana MemeCoin Gamble Turns $226K into $1.69M in 5 Days
