"Now it looks weak but who knows in the future this BONK will be able to beat other memecoins. DOGE used to be like that too."
Over the past few weeks Solana-based memecoin BONK (SOL) saw a climb reaching the top 200 position in the market, but luck was not on its side this time when the digital asset suddenly plummeted.
While most cryptocurrencies rallied in the past 24 hours while the market as a whole surged 3.38% at $881.76 billion, BONK prices appear to have weakened.
But the most difficult thing is that the price of SOL since the beginning of the year has been consistently rising but the digital asset has dropped by 35% for no reason in the last 24 hours.
In general, most whales have been found to have bought a number of BONKs in the past few weeks, among which there are whales who have made millions or even billions of memecoins quickly.
Despite this, the BONK market cap it liquidated has plummeted by around 32.61% at $102 million while its trading volume has gained 200% at $36 million as some large SOL investors sell their BONK holdings to generate profits.
Meanwhile, the SOL community is confident that the memecoin can jump again when the developer of the collection of non-fungible tokens (NFT) Bonkz acts to burn 13 billion BONK after completing its initial sale.
As of this writing, the price of BONK is hovering in the $0.000001000 zone compared to last month's gain of around 837%.
