At a time when the crypto market is seeing low prices, another meme coin called BONK has entered the race. This coin, unlike its predecessors, is on the Solana blockchain and is now cementing itself as the most successful meme coin to come out of the ecosystem. The cryptocurrency has already grown rapidly over the last week, but is it still a good time to enter?
Should You Buy BONK?
Like with any meme coin, the price of BONK took off with excessive shilling on social media. This came from influencers with large followings and once the FOMO kicked in, the coin rapidly rose. Even now, it is still seeing a lot of interest with trading volume crossing $16 million in the last 24 hours.
Given this, it is possible that the meme coin has reached or is nearing its peak. With an over 2,000% increase already, buying now could leave late investors holding the bag once it begins its descent, especially in the current market climate with unfavorable conditions.
However, on the flip side of this is the possibility that the coin is not done with its rally. It was the same way with other meme coins such as SHIB and DOGE, which had grown so much that it was thought they had reached their peak but they continued surging.
The only sure thing right now is that BONK will definitely get to a point where it is no longer able to sustain the hype. Once this happens, investors should expect to see such a decline trend as has been recorded in both DOGE and SHIB in the past year.
Is Meme Coin Season Back?
The growth of BONK over the last couple of days could easily mislead one into believing that the meme coin season was returning but that is not the case. Besides, the Solana-based cryptocurrency, no other meme coins are rallying in the market currently.
For example, the largest meme coin in the market, Dogecoin, may be seeing some green right now but it is only seeing 1% gains in the last 24 hours. The same is the case for Shiba Inu which is only up 1.10% in the same time period.
To compare, BONK’s price is up over 110% in the last day alone, according to data from Coinmarketcap. If the cryptocurrency had triggered a return of the meme coin bull market, then there would be similar gains across other coins but the prices of these assets remain muted in the meantime.
BONK is only 10 days old after being launched on December 25. The project is referred to as “The first Solana Dog Coin for the people, by the people,” and with a $107 million market cap as of Wednesday, it is officially the largest meme coin in the Solana ecosystem.