The Halving of Meme Coins and BONK
Based on statistics from CoinMarketcap, the price of BONK, a famous Solana meme cryptocurrency, has dropped 35% in the last week.
Fortunately, it seems like the worst of the recession is behind us.
Compared to one day ago, BONK is presently 2.4% higher.
With a Relative Strength Index (RSI) in the mid-fifties, the token seems to have contained any more short-term losses, although it is still down approximately 1.5% in the previous hour.
Depreciation during the last week has been particularly harsh for meme currencies.
Dogecoin (DOGE), the market leader, and Shiba Inu (SHIB), the cryptocurrency that ranks second, both saw a 20% decline in value within the last seven days.
Regardless of network, most meme currency investors have seen a decline in their holdings over the last seven days. Popular ERC-20 tokens FLOKI and PEPE both lost over 29% last week.
Although meme coins seem to be bearing the brunt of the losses, the political unrest in the Middle East caused a widespread decline in the value of all cryptocurrencies.
At $66,497 and $3,253, respectively, Bitcoin and Ethereum are selling at a 10% discount compared to last Monday.
The BONK trade chart from the beginning of March shows the token's very strong price movement.
