At a time when the crypto market is seeing low costs, one other meme coin referred to as BONK has entered the race. This coin, in contrast to its predecessors, is on the Solana blockchain and is now cementing itself as essentially the most profitable meme coin to come back out of the ecosystem. The cryptocurrency has already grown quickly during the last week, however is it nonetheless a superb time to enter?
Ought to You Purchase BONK?
Like with any meme coin, the value of BONK took off with extreme shilling on social media. This got here from influencers with massive followings and as soon as the FOMO kicked in, the coin quickly rose. Even now, it’s nonetheless seeing numerous curiosity with buying and selling quantity crossing $16 million within the final 24 hours.
Given this, it’s attainable that the meme coin has reached or is nearing its peak. With an over 2,000% improve already, shopping for now might go away late traders holding the bag as soon as it begins its descent, particularly within the present market local weather with unfavorable situations.
Nonetheless, on the flip facet of that is the chance that the coin shouldn’t be executed with its rally. It was the identical manner with different meme cash comparable to SHIB and DOGE, which had grown a lot that it was thought that they had reached their peak however they continued surging.
The one certain factor proper now could be that BONK will certainly get to a degree the place it’s not capable of maintain the hype. As soon as this occurs, traders ought to count on to see such a decline development as has been recorded in each DOGE and SHIB previously 12 months.
Is Meme Coin Season Again?
The expansion of BONK during the last couple of days might simply mislead one into believing that the meme coin season was returning however that isn’t the case. Apart from, the Solana-based cryptocurrency, no other meme coins are rallying in the market currently.
For instance, the most important meme coin out there, Dogecoin, could also be seeing some inexperienced proper now however it is just seeing 1% positive factors within the final 24 hours. The identical is the case for Shiba Inu which is just up 1.10% in the identical time interval.
To match, BONK’s worth is up over 110% within the final day alone, in line with information from Coinmarketcap. If the cryptocurrency had triggered a return of the meme coin bull market, then there could be related positive factors throughout different cash however the costs of those belongings stay muted within the meantime.
BONK is just 10 days previous after being launched on December 25. The undertaking is known as “The primary Solana Canine Coin for the folks, by the folks,” and with a $107 million market cap as of Wednesday, it’s formally the most important meme coin within the Solana ecosystem.