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 since launching.
The other big day is April 20, aka Doge day. Dogecoin fans picked the stoner holiday to commemorate their favorite project, but broadly speaking April 20 is a bit of a hit among all meme fans because of its stoner connotations.
Solana’s Slothana Beats BONK on 4/20
BONK may have had some impressive recent rallies, but in a market saturated with Shiba Inu memes like DOGE, SHIB, and FLOKI, there’s not a whole lot BONK adds to the conversation.
But one new Solana meme coin this year has the edge on all the others where 4/20 is concerned.
Meet Slothana, the red-eyed stoner sloth.
In little over three weeks, traders have poured well over $10 million into an ICO for Slothana ($SLOTH) to attempt to recapture some of the early upside potential of recently profitable Solana funny tokens like Slerfs, DogWifHat and Bonk.
Hold onto your branches, Slothana faithful! We’re gearing up to drop some major news: the official launch date is on the horizon! Get ready to mark your calendars and set your alarms, because a countdown timer will soon grace our site. Let the hype for the Slothana…
— Slothana (@SlothanaCoin) April 14, 2024
Hazed on ambition (and surreptitious toking), Slothana is watching the clock harder , He’s waiting for 4:20 because from there, he hopes to get to $420 million.
Word on the grapevine says Slothana is by the same team that launched Smog (SMOG), which rallied strongly after ending its presale and listing. Early investors hope to capture that explosive upside potential ahead of a Slothana listing.
The clock is ticking and the $SLOTH team has not confirmed launch dates, so the presale window duration is an enigma.
Got FOMO? Curious investors can prepare for 4/20 and join the presale by sending SOL to this address: EnSawje2vQSQKtGbPYdXEuYKm2sHgeLKJTqCmrDErKEA
The post Is Bonk Going to Zero? BONK Price Drops 33% While Rival Solana Meme Coin Snags $10M appeared first on Cryptonews.