BONK, Solana’s memecoin, plummets almost 40% despite strong market momentum

The situation in the crypto market has been gradually improving since the start of this year. Throughout this week, the market witnessed a comprehensive rally. Bitcoin (BTC) along with the rest of the crypto market regained a very strong momentum. However, the situation wasn’t really bright for BONK as it fell by almost 40%.

There might be little to no similarities between many meme coins in the crypto industry. Possibly the only known similarity between them is the fact that they are listed on almost all exchanges. Before BONK could be on its way back up, it must register itself with a few more cryptocurrency exchanges. As believed by the masses, such a move would not only boost dominant price growth but would also be responsible for other benefits. A major benefit includes the injection of massive liquidity and it would also help BONK easily sustain its trading volume in the longer run.

However, BONK is the only meme coin on the network. BONK has the potential to see better days and achieve a growth chart similar to those of SHIB and DOGE. Yet, this would only be possible if BONK manages to get itself listed on a number of different exchanges. During the initial days of the token’s launch, the token was subject to great transactions and excitement. As a result of its initial popularity, BONK earned itself the nickname of the Shiba Inu Killer.

BONK, Solana's memecoin, plummets almost 40% despite strong market momentum

BONK Takes a Dip

As of now, BONK has experienced a considerable decline in comparison to that of a few days ago. At the time of writing, BONK is currently trading for nearly $0.000001086. Similarly, it is down by approximately 33% over the previous 24 hours. Similarly, the token also has a total market cap of nearly $60 million. Despite the current price, it is highly unlikely that the meme coin would lay low forever. The buyers of the token might still resort to a continuous buying spree considering how it still has great potential to grow.

It is necessary to keep in mind that meme coins often face great volatility during their early stages. However, a similar situation could be linked to that of BONK. In addition, investors even look forward to a major surge to sell off all assets. According to a number of crypto analysts, the token would face slow trading volume before experiencing a great boost.