Solana Meme Coin Sensation BONK Down 68% from ATH, Is Hype Over?

The price of Solana-based meme coin sensation Bonk (BONK) has lost its momentum, in what appears as though the current hype surrounding the token is gradually clearing. Data from CoinMarketCap showed that though the coin is trading at a price of $0.000001539, up 1.62% over the past 24 hours, it is at a level that is a far cry from its best performance in the past seven days.

Bonk undoubtedly entered 2023 with a skyrocketing price run, and as of the end of the first trading week of the year, it had rallied by more than 605%. With its growth leap, the meme coin attained an all-time high (ATH) of $0.000004922. At the current price, the coin is only up by 22.4% in the week-to-date (WTD) period, showing slowed-down momentum in accumulation.

One thing that is peculiar to meme coins is that volatility is often extreme in the early stages, and investors often look for the next major surge to sell off their assets. Bonk is currently experiencing a similar trend, and its price is down by 68.2% from its ATH attained barely six days ago.

Is hype really over?

Bonk's rise stems from what appears to be a longing from the Solana community to get its own dog-based meme. The embrace was massive, and in the first few days of trading, the token recorded more transactions compared to even Ethereum. Its inaugural strides swiftly earned it the name of Shiba Inu killer.

With the ultimate goal of every meme coin being to cross the $1 mark, beginning with Dogecoin — a hurdle that seems impossible — it is highly unlikely that the currently suppressed BONK bears will lay low forever. The token's buyers might still go on a buying spree on account that there is still a lot of room for the meme coin to grow.