BONK, the meme coin that has taken the crypto world by storm, has experienced a rollercoaster ride of highs and lows in recent weeks. After surging nearly 1,000% in just a matter of weeks, the coin has since seen a substantial drop in value. Despite this downturn, BONK still boasts impressive gains over the past seven and 30 days. In this review, we will delve into the latest price movements of BONK, its market cap, and its position among other dog-themed coins in the market.
The Rise and Fall of BONK
BONK reached a new all-time high price of $0.00003416 on Friday, only to plunge to its current price of $0.00001931, a significant drop of nearly 44% within a few days. However, it is worth noting that this drop only erases about a day's worth of gains for the Solana-based coin, which had previously hit this price before skyrocketing further. Despite the recent dip, BONK remains up 56% over the last seven days and an impressive 502% over the past 30 days.
This is not the first time BONK has experienced such extreme price movements. The coin was launched around the same time last year and saw a dramatic rise and fall in early January, although on a much smaller scale. The latest peak price is now ten times higher than the top price seen in January, indicating the significant growth BONK has achieved over the past year.
Market Cap and Rankings
BONK currently holds a market cap of $1.17 billion, positioning it as the 60th largest cryptocurrency by this metric. While this is an impressive feat, BONK still trails behind the two largest dog-themed coins in the market, Dogecoin and Shiba Inu (SHIB). Dogecoin boasts a market cap of $13 billion, while SHIB holds a market cap of $6 billion.
Airdrops and Community Distribution
Half of the BONK supply was airdropped to the Solana community, with tokens granted to developers, artists, NFT collectors, and others in the space. For example, developers in the LamportDAO community were each granted 25 billion BONK tokens last Christmas, which were worth around $300 at the time. Even after the recent dip, these tokens are now valued at approximately $485,000.
Solana's Performance
In addition to the volatility of BONK, it is worth noting the performance of Solana (SOL), the blockchain platform on which BONK is built. SOL has experienced a 5% increase in value on the day, reaching a current price of $74. This upward movement is a positive sign for the Solana ecosystem and may have contributed to the overall growth of BONK.
In conclusion, while BONK has faced significant price fluctuations in recent weeks, it continues to showcase impressive gains over both short and long-term periods. With a market cap of $1.17 billion and a strong position among dog-themed coins, BONK remains an intriguing cryptocurrency to watch in the ever-evolving crypto market.
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