Crypto Experts Are Rushing to Buy This New Solana Project Before It Lists – Could It Outshine Bonk?
Popular Solana meme coin Bonk ($BONK) has posted the heaviest intraweek losses of any leading dog-themed meme coin.
The popular Shiba Inu-themed token shed 21% in seven days to trade at $0.00002756 as of this writing.
In comparison, Dogecoin ($DOGE), the original canine meme coin, shed 10% over the week and currently trades at $0.1449.
The only meme coin that came close to Bonk’s relatively poor intraweek performance was fellow chain-mate DogWifHat ($WIF), which shed 20% to change hands at $2.74 as of this writing.
In general, the meme coin category did not do well over the week.
Pepe ($PEPE), the cryptocurrency inspired by the viral frog meme, shed 17% to $0.00001262.
On the other hand, the world’s favorite cryptocurrency, Bitcoin ($BTC), posted muted gains of 1% over the week to hit $69,367 as of Monday June 10th.
Over on Bonk’s trading chart, we can see how the token’s poor performance over the week has lowered its support threshold.
Support had been steadily rising since mid-April, from bottoms of $0.000013 in mid-April to a baseline of $0.000031 in the first days of June, as indicated by the green line, but this week’s derailing could potentially wipe out those gains.
Bonk rose to a recent high of $0.00004362 on May 29, just 4% short of its all-time high of $0.00004547 on March 04 this year, ten days before market leader Bitcoin ($BTC) posted a record price of $73,737.94.
The token’s Relative Strength Index is around 40 and could rise if meme coin fans continue buying the dip
Bonk’s native chain, Solana, is cultivating a thriving community of app developers to compete with Ethereum for commerce.
Solana currently hosts a digital economy storing over $4.54 billion in total value locked (TVL) across various apps and financial
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