BONK crazy roller coaster! Solana Meme Token Surges to New All-Time Highs before Slumping 44% Back

BONK, the latest dog-themed token, is in for some jaw-dropping cryptocurrency drama. In just a few weeks, the coin surged nearly 1,000%, becoming one of the hottest topics in the cryptocurrency space. However, it has experienced a counterattack recently, with the price plummeting by nearly 44% in just a few days.

Last week, BONK made waves with an all-time high of $0.00003416, but in just a few days, the price plummeted to the current $0.00001931, a staggering 44% drop. Despite a slight recovery in the past 24 hours, the volatility was shocking.

Surprisingly, this drop in BONK appears to have only affected the Solana token’s short-lived rally, as the price quickly climbed to new highs after peaking last Thursday. Despite this volatility, BONK is still up 56% in the past seven days and has soared 502% in 30 days.

Although the price of BONK has corrected, its market value is still as high as US$1.17 billion, ranking the 60th largest cryptocurrency. It remains the third-ranked dog-themed currency, behind Adapter Coin and Ethereum Shiba Inu (SHIB). By comparison, the market caps of the two largest dog-themed tokens are $13 billion and $6 billion respectively.

Last December, half of BONK’s supply was distributed via airdrop to the Solana community, Lightning developers, artists, NFT collectors, and more. For example, developers in the LamportDAO community received 25 billion BONK tokens last Christmas, which even after the recent decline is still worth about $485,000 at current prices.

Meanwhile, Solana (SOL) is up nearly 5% on the day and currently trades at $74, up 24% over the past month. Although it is significantly down from its all-time high in November 2021, it has made significant gains since the end of the year, after the FTX exchange crash caused its price to plummet to around $8.

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