Solana Meme BONK Faces Volatility After Nearly 30% Value Drop

• The value of BONK dropped by virtually 30% over the previous 24 hours of buying and selling.
• This got here after a massively profitable month the place BONK’s value rose by over 1,000%.
• Along with BONK’s value drop, the value of SOL additionally took a greater than 2% hit all through the previous day.

Over the previous 24 hours of buying and selling, the Solana-based meme coin BONK noticed its value fall by virtually 30%. This got here after an explosive month the place the cryptocurrency’s value surged by greater than 1,000%.

BONK’s success was evident in the truth that Solana’s crypto cellphone witnessed an enormous surge in demand. Because the launch of the cellphone in Might of this 12 months, customers have been eligible for a really beneficiant 30 million BONK airdrop, inflicting a frenzy of individuals attempting to come up with the precious token by the acquisition of the Solana cellphone.

On 15 December, the co-founder of Solana, Raj Gokal, shared in an X put up that Solana cellphone gross sales elevated tenfold in simply 24 hours. He even hinted that the cellphone may promote out by the tip of 2023, which ended up being the case.

Nevertheless, issues have taken a little bit of a flip for each SOL and BONK heading into the weekend. That is evident in the truth that BONK’s value took a greater than 26% knock, which prompted it to commerce at $0.0000239 at press time, in accordance with CoinMarketCap.

In the meantime, BONK’s 24-hour buying and selling quantity elevated by 34%, which prompted it to rise to $1.62 billion. It’s, nonetheless, essential to needless to say this improve in quantity may very well be because of folks promoting a number of the airdropped tokens obtained after buying the Solana cellphone.

The meme coin’s value drop additionally introduced BONK’s market cap all the way down to $1.46 billion, which ranked BONK because the 51st largest token by market capitalization. This positioned it proper behind Stacks (STX) within the fiftieth spot and in entrance of Helium (HNT) in 52nd place. Alternatively, BONK’s weekly efficiency was nonetheless up by over 70%.

The value of SOL ended up dropping by 2.66% since yesterday, which introduced the altcoin’s worth all the way down to $74.37 at press time. This prompted its weekly efficiency to drop all the way down to -3.72%.