Bonk Price Prediction - As the Pump Deflates Should You Consider Buying the Dip?
The BONK price has declined by 50% in the 24 hours, with the new Solana-based meme token falling to $0.00000182 after enjoying a surge in previous days. Despite the plunge, it remains up by around 2,000% since first listing at the end of December, making it easily the best-performing coin in the top 250 cryptocurrencies (by market cap).
However, the fact that it remains 2,000% up its initial price suggests that it could still fall further in the coming hours and days. And while some traders may be wondering whether now is the perfect time to 'buy the dip,' the fact that it's a meme token with little real-world utility arguably makes sustained, long-term rises unrealistic.
BONK had a very good opening few days, rising from $0.000000086142 to $0.00000487 in just under week. This made for a gain of just over 5,500%, making its early holders (if not investors) a very sizeable profit.
On the other hand, BONK is also down by 62.5% since reaching its all-time high yesterday, underlying just how volatile the new meme token is.
Self-billed as "the first Solana dog coin for the people," BONK's creators held an airdrop at the end of the year which saw 50% of its total maximum supply (of 100 trillion BONK) airdropped to various developers, creators, and NFT holders within the Solana community. It's almost certain that these were the same people to benefit from the pump BONK then witnessed, with later retail investors likely left holding their bags.
To be fair, there has been substantial interest in the coin, which witnessed more transactions over the past three days than Ethereum. This is arguably good going for a meme token, although it could just easily be regarded as an indictment of crypto in its current, immature state, with a
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