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Solana dog coin Bonk (BONK) saw stellar performance in 2023, ranking among the top gainers.
Bonk (BONK), the Solana meme coin, gained nearly 13,000% in value in 2023 as Solana ecosystem tokens surged several times in the past year.
However, the narrative seems to be shifting as traders seem to be taking profits to rotate funds into newer plays.
Solana ecosystem tokens, notably BONK, have dropped from recently set highs, hinting at profit-taking from investors who probably made significant returns on their initial positions as prices jumped.
Tomiwabold OlajideData from CoinGecko shows meme coin Bonk (BONK) has fallen 11% in the past 24 hours to trade at $0.00001097 at the time of writing. BONK is now down 67.4% from its all-time high of $0.00003416, attained Dec. 15, 2023.
Despite the current price drop, BONK remains up 12,819.20% from its all-time low price of $0.000000086142 recorded on Dec. 29, 2022.
Crypto analyst says to keep an eye on BONK
In a tweet, crypto analyst Lark Davis, "CryptoLark," recounts the bull-driven rally experienced by several meme coins in 2023.
CryptoLark believes that things are only getting started, anticipating the end of 2024 and extending into the 2025 crypto bull run.
"We've had some decent meme coin action over the past month, but this is nothing compared to the crazy degen action we'll see during the end of the 2024–2025 crypto bull run," CryptoLark wrote in a post on X.
In this light, Lark Davis outlines 10 meme coins to keep an eye on; the top of the list is Bonk. "If Solana continues to blow up," he says, "BONK could do big things."
Solana has captivated most of the market's interest, becoming one of the strongest draws among on-chain traders as its general ecosystem flourished.
Alex Dovbnya
Dan Burgin
Vladislav Sopov