{"id":515119,"date":"2023-01-06T12:00:31","date_gmt":"2023-01-06T17:00:31","guid":{"rendered":"https:\/\/wncen.com\/?p=515119"},"modified":"2024-06-11T08:10:02","modified_gmt":"2024-06-11T08:10:02","slug":"bonk-crashes-50-in-24-hours","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bonk-crashes-50-in-24-hours\/","title":{"rendered":"Solana\u2019s BONK Crashes 50% In 24 Hours, Is It Time To Get Out?"},"content":{"rendered":"

Solana-based BONK has been all the craze since the start of the new year. The meme coin had risen from obscurity to the largest meme coin on the Solana ecosystem in less than two weeks, recording massive gains for investors during this time. However, the hype seems to have reached its peak and BONK has begun the dreaded downward correction.<\/p>\n

BONK Falls 50% In 24 Hours<\/h2>\n

In the last day, the price of BONK\u00a0 <\/span>has rapidly declined, losing more than 50% of its value during this time. It hit its all-time high price of $0.0000049 on Thursday when the hype was at its peak but since then, has fallen to $0.000002.<\/p>\n

Related Reading: Ethereum Could Jump 27% To Trade At $1,600, How Is This Possible?<\/a><\/div>\n

This was after recording a more than 4,000% return rate in a 10-day period and reaching a market cap of over $200 million. However, as is the case with meme coins, holding on to such gains becomes impossible with no real utility and eventually, the sell-offs dragged its price back down. Being a digital currency driven by purely social sentiment, this was expected to happen<\/a>, just like it did with predecessors such as Dogecoin and Shiba Inu.<\/p>\n

This drawdown in price has also seen the price surge recorded in Solana over the last week slow down significantly. However, while BONK is seeing over 53% losses in the past day, SOL recorded small gains of 0.17%.<\/p>\n

\"BONK<\/p>\n

BONK falls over 50% in 24 hours | Source: BONKUSDT on TradingView.com<\/a><\/pre>\n
Is It Time To Sell The Tokens?<\/h2>\n
With a downturn such as this, BONK could be seeing the start of the end just like Shiba Inu had done in October 2021. As such, it could be wise to get out of the cryptocurrency now if the losses were to continue for the next few days. But it is also important to take into account the growth of the meme coin, as well as the attention it is receiving in the market.<\/p>\n
For example, BONK remains one of the most visited pages on Coinmarketcap. It is second only to RichQUACK, another meme coin that has not done well in the last week. What this shows is that there are still a lot of eyes on the cryptocurrency, which could give it a leg up.<\/p>\n
Related Reading: MATIC Holders Suffer Massive Losses, Here\u2019s How Many Wallets Are In The Red<\/a><\/div>\n
Another important tidbit is that BONK transactions had reportedly surpassed that of Ethereum in the last three days, according to data from Dune Analytics<\/a>. Now, this is only at the peak of the hype and does not mean that the meme coin would be able to sustain such levels but is important to note nonetheless.<\/p>\n
\"BONK<\/p>\n
Transactions surpass Ethereum | Source: Twitter<\/pre>\n
However, it is essential to remember that when a digital asset falls 50%, it would need to see a 100% increase to get back to its previous price, which can be a hard feat to accomplish for a meme coin. In the end, investors should keep in mind that meme coins are more volatile than the average large-cap cryptocurrency.<\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from CryptoPotato, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Solana-based BONK has been all the craze since the start of the new year. The meme coin had risen from obscurity to the largest meme coin on the Solana ecosystem in less than two weeks, recording massive gains for investors during this time. However, the hype seems to have reached its peak and BONK has begun the dreaded downward correction. BONK Falls 50% In 24 Hours In the last day, the price of BONK\u00a0 has rapidly declined, losing more than 50% of its value during this time. It hit its all-time high price of $0.0000049 on Thursday when the hype was at its peak but since then, has fallen to $0.000002. Related Reading: Ethereum Could Jump 27% To Trade At $1,600, How Is This Possible? This was after recording a more than 4,000% return rate in a 10-day period and reaching a market cap of over $200 million. However, as is the case with meme coins, holding on to such gains becomes impossible with no real utility and eventually, the sell-offs dragged its price back down. Being a digital currency driven by purely social sentiment, this was expected to happen, just like it did with predecessors such as Dogecoin and Shiba Inu. This drawdown in price has also seen the price surge recorded in Solana over the last week slow down significantly. However, while BONK is seeing over 53% losses in the past day, SOL recorded small gains of 0.17%. BONK falls over 50% in 24 hours | Source: BONKUSDT on TradingView.com Is It Time To Sell The Tokens? With a downturn such as this, BONK could be seeing the start of the end just like Shiba Inu had done in October 2021. As such, it could be wise to get out of the cryptocurrency now if the losses were to continue for the next few days. But it is also important to take into account the growth of the meme coin, as well as the attention it is receiving in the market. For example, BONK remains one of the most visited pages on Coinmarketcap. It is second only to RichQUACK, another meme coin that has not done well in the last week. What this shows is that there are still a lot of eyes on the cryptocurrency, which could give it a leg up. Related Reading: MATIC Holders Suffer Massive Losses, Here\u2019s How Many Wallets Are In The Red Another important tidbit is that BONK transactions had reportedly surpassed that of Ethereum in the last three days, according to data from Dune Analytics. Now, this is only at the peak of the hype and does not mean that the meme coin would be able to sustain such levels but is important to note nonetheless. Transactions surpass Ethereum | Source: Twitter However, it is essential to remember that when a digital asset falls 50%, it would need to see a 100% increase to get back to its previous price, which can be a hard feat to accomplish for a meme coin. In the end, investors should keep in mind that meme coins are more volatile than the average large-cap cryptocurrency. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from CryptoPotato, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":515373,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87477,87478,87479,87480,87481],"class_list":["post-515119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bonk","tag-bonk-inu","tag-bonk-price","tag-bonk-solana","tag-bonkusd"],"acf":[],"yoast_head":"\nSolana\u2019s BONK Crashes 50% In 24 Hours, Is It Time To Get Out?<\/title>\n<meta name=\"description\" content=\"Solana-based BONK has been all the craze since the start of the new year. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Solana\u2019s BONK Crashes 50% In 24 Hours, Is It Time To Get Out?","url":"http:\/\/wncen.com\/news\/bonk-crashes-50-in-24-hours\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bonk-crashes-50-in-24-hours\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/BONK.jpeg?resize=200%2C177","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/BONK.jpeg?fit=284%2C177"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bonk","bonk inu","bonk price","bonk solana","bonkusd"],"dateCreated":"2023-01-06T17:00:31Z","datePublished":"2023-01-06T17:00:31Z","dateModified":"2024-06-11T08:10:02Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Solana\\u2019s BONK Crashes 50% In 24 Hours, Is It Time To Get Out?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bonk-crashes-50-in-24-hours\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bonk-crashes-50-in-24-hours\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/BONK.jpeg?resize=200%2C177\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/BONK.jpeg?fit=284%2C177\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bonk\",\"bonk inu\",\"bonk price\",\"bonk solana\",\"bonkusd\"],\"dateCreated\":\"2023-01-06T17:00:31Z\",\"datePublished\":\"2023-01-06T17:00:31Z\",\"dateModified\":\"2024-06-11T08:10:02Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/BONK.jpeg?fit=284%2C177","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/515119"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=515119"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/515119\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/515373"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=515119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=515119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=515119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}