Is Bonk Going to Zero? BONK Price Drops 8% As Latest Meme Coin Pre-Sale Drops Soon
Solana’s second biggest meme coin, Bonk (BONK), fell 8% overnight, taking some of the heavier losses amidst a crypto pullback spurred on by market leaders Bitcoin (BTC) and Ethereum (ETH).
As of Monday morning, UTC, Bonk changes hands at $0.00002427. This is a near 50% decline from its previous all-time high of $0.00004547, posted on March 4 this year.
In comparison, Bitcoin only dropped 2.3% overnight and trades at around $62,309, while Ethereum dipped about 4.3% to trade at $3,171 as of this writing, according to CoinGecko.
Generally, meme coins have absorbed some of the heaviest losses today, relative to the market leaders. The sector’s top doge, Dogecoin (DOGE) fell 5.3% and is currently worth $0.1413.
Pepe (PEPE) and Floki (FLOKI) both fell 8% overnight, while Bonk’s chain mate and leading Solana meme coin DogWifHat (WIF) weathered the pullback a bit better, shedding 3.5% in the last 24 hours.
Fears that at this week’s Federal Reserve meeting, the U.S. central bank may keep interest rates higher for longer has moved investors to take a risk-averse approach to speculative investments, like crypto.
Still, by one metric, Bonk is doing pretty well. At today’s price, it’s 17.5% more valuable than it was this time last week. This seven-day appreciation is higher than any of the top 100 cryptocurrencies by market capitalization today.
Over on BONK’s trading chart, we can see fairly typical price movements for any token over the last three months. A market-wide surge through the end of February to early March rallied Bonk to its aforementioned ATH, although since then it has been trading relatively stably.
The token has found strong support around its current price level, and with a Relative Strength Index (RSI) reading of 40
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