BONK Goes Bust? Solana Meme Coin Plunges 44% After Setting All-Time High

BONK has been one of the biggest stories in crypto the last few weeks, as the meme coin surged nearly 1,000% in a matter of weeks while the broader Solana ecosystem found new life. But meme coins are famously volatile, and BONK has plunged substantially since hitting a new all-time peak last week.

The dog-themed coin skyrocketed last week to a new high price of $0.00003416 on Friday, but has since fallen to a current price of $0.00001931, per data from CoinGecko—a nearly 44% drop in a matter of days. It’s only down about 1% over the past 24 hours after gradually sliding over the last few days.

Amazingly, the drop only erases about a day’s worth of gains for the Solana-based coin, as BONK hit this price last Thursday before blasting off further to new peaks. Even with this latest downturn, BONK is up 56% over the last seven days, and 502% in the past 30 days.

This isn’t the first time that BONK has seen an aggressive rise followed by a substantial dip. BONK launched this time last year and then saw a dramatic rise and fall in early January, albeit on a much smaller scale: The latest peak price is 10 times higher than the top price seen in January.

The Next BONK? Solana Meme Coin Dogwifhat Pumps 2,000X in a Month

BONK still has a market cap of $1.17 billion, making it the 60th largest cryptocurrency by that metric. It’s still the third-largest dog-themed coin after Dogecoin and the Ethereum-based Shiba Inu (SHIB). As of this writing, the two largest dog-themed coins have market caps of $13 billion and $6 billion, respectively.

Half of the BONK supply was airdropped to the Solana community beginning last December, with tokens granted to developers, artists, NFT collectors, and others in the space.

Solana Devs Got a BONK Airdrop Worth $300 Last Christmas—It’s Now Worth $500,000

For example, developers in the LamportDAO community were each granted 25 billion BONK tokens last Christmas, worth about $300 at the time. Even following the recent dip, that sum of tokens is worth approximately $485,000 at the current price.

Solana (SOL) itself is up nearly 5% on the day to a current price of $74, marking a 24% jump over the past month. It’s still down substantially from an all-time high price of about $260 set in November 2021—but has climbed significantly since late last year, when it plunged to a price of just above $8 following the collapse of crypto exchange FTX.

Edited by Stacy Elliott.

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