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Latest Meme Coin Pre-Sale Drops Soon, Causing a 10% Drop in $BONK Price
As the market cap of market leaders Bitcoin (BTC) and Ethereum (ETH) dropped, the value of Solana's second-largest meme currency, Bonk (BONK), also dropped, falling 8% overnight.
The current price of one Bonk is $0.00002427, as of Monday AM UTC. From its all-time high of $0.00004547 on March 4 of this year, it has fallen by over 50%.
For context, according to CoinGecko, Bitcoin fell 2.3% overnight and is now trading at about $62,309, and Ethereum fell 4.3% and is now trading at $3,171.
Meme currencies, in comparison to the market leaders, have taken a beating recently. The market cap of Dogecoin (DOGE), the leading cryptocurrency in this space, dropped 5.3% to $0.1413.
While Bonk's chain mate and #1 Solana meme currency DogWifHat (WIF) declined 3.5% in the previous 24 hours, Pepe (PEPE) and Floki (FLOKI) both plummeted 8% overnight.
Cryptocurrency investors have become more risk cautious due to concerns that the U.S. central bank may decide to maintain interest rates higher for an extended period of time at this week's Federal Reserve meeting.
But there is one indicator that Bonk is doing well. Its value has increased by 17.5% from last week at the current pricing. This seven-day gain outpaces the market valuation of every single cryptocurrency in the top 100 today.
On BONK's trading chart, we can see the usual ups and downs of token prices over the last three months. Although Bonk has been trading fairly steadily after its market-wide jump in late February and early March, it did rally to its ATH.
Bonk is expected to maintain its current degree of stability in the near future, thanks to the token's solid support around its current price and an RSI reading of 40 and rising.
