Is Bonk Going to Zero? BONK Price Drops 33% While Rival Solana Meme

Tim Hakki

Last updated:

April 15, 2024 11:56 EDT

| 3 min read

BONK's blistering recent rally is cooling down today

The price of the popular Solana meme coin BONK has fallen 33% over the last 7 days, according to data by CoinGecko.

However, the worst of the downturn appears to have passed.

BONK is now 2.4% higher than it was 24 hours ago.

It’s still down about 1.5% in the last hour but with a Relative Strength Index (RSI) in the mid-fifties, the token appears to have headed off any further short-term losses.

Meme coins, in general, have taken the brunt of the depreciation over the week.

Sector leader Dogecoin (DOGE) and its nearest runner up Shiba Inu (SHIB) both fell about 20% over the last seven days.

Generally, all meme coin holders have felt their bags dwindle over the seven days, irrespective of network. FLOKI and PEPE, both popular ERC-20 tokens, fell in sync last week and shed about 29%.

It appears meme coins are soaking up the heaviest losses, but generally, all cryptocurrencies experienced some depreciation as a result of political turmoil in the Middle East.

Bitcoin and Ethereum are both currently trading about 10% lower than they were last Monday as they change hands at $66,497 and $3,253, respectively.

BONK’s trading chart highlights the token’s very bullish price action in early March.

Meme Coins And The Halving.

Meme coins fans in general, have two milestones to look forward to this weekend on April 20: Bitcoin’s Halving and Doge Day.

Yes, the international pothead holiday is also arguably one of the most important dates in crypto. It’s the day when Bitcoin’s fourth halving is scheduled. A halving is a point in Bitcoin’s code when miners’ BTC rewards get slashed in half.

The purpose of the halving is to gradually restrict the number of new tokens entering the market ahead of the final halving. After miners have mined all the BTC they will have to subsist on transaction fees.

But for investors, the halving is a potential windfall. Halvings have historically led to bull runs as the bottlenecked issuance of new BTC has to meet consistent demand. Analysts believe this year will be no different, thanks to the approval of 11 spot Bitcoin ETFs in the US back in January. The Bitcoin investment products have driven a lot of institutional and retail demand...

https://cryptonews.com/news/is-bonk-going-to-zero-bonk-price-drops-33-while-rival-solana-meme-coin-snags-10m.htm

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