While no one can accurately predict the future, the recent decline in the price of #BONK could pave the way for a deciding moment for the asset’s future price.
Such a substantial price drop can easily turn into a downward spiral that sends the price into hard-to-recover-from levels.
The second largest meme coin, Shiba Inu, is an example of a token that has faced a similar struggle. While SHIB has impressed in recent weeks, it remains 87.79% below its October 2021 all-time high.
Meanwhile, BONK’s decline could also pave the way for a new crop of holders who missed out on the initial run-up to build a position. However, there is no guarantee this would be favorable, and investors should conduct thorough research before jumping in.
In BONK’s case, the recent listing on Coinbase could help its course in the same way that Solana’s recent rise to stardom has impacted BONK’s price positively.
However, continued selling pressure could see investor confidence evaporate and potentially send the token into the ashes, where most meme coin-related projects end up after their classic moments.