BONK Token is Down by 70% Since Peak
The buzz around BONK NFTs remains high within the Solana community. The dog-themed meme price is currently ten times the original price. But the actual BONK token on the Solana blockchain has decreased in value this week. The token has dropped by 70% from its peak price last week.
On Wednesday, the creators behind the BONK NFTs took their project to the Magic Eden marketplace. Recent data shows that all 14,500 pieces the creators availed for the public sold out in under five hours.
The creators sold each BONK NFT for about $25 but are going for higher prices in the secondary market. At the time of publishing, the floor price of these NFTs on Magic Eden is nearly $290 or about 17.5 SOL. The project has already generated $905,000 in trading volume.
OMNI, one of the creators of the BONKz project, tweeted that the team had burned over 150 million BONK tokens worth $250,000 spent on Wednesday’s minting. In crypto, burning tokens means permanently destroying them to minimize overall supply.
BONK Token Plunge Despite Hype Around the NFT Project
Despite the growing interest in the BONK NFT project, its token is currently underperforming. According to CoinGecko, the BONK token has been down by 5% in the past 24 hours. At the time of writing, it is trading at $0.00000152.
That said, the BONK token, developed to rival other dog-themed coins like Shiba Inu and Dogecoin, has dropped by over 70% since recording an all-time high price of $0.00000486 on January 6.
BONK creators launched their NFT collection in December 2022, airdropping billions of tokens to various Solana community members, including NFT artists and creators, decentralized app developers, and some holders of Solana-based NFTs.
The BONK token then started its incredible rally, and its price surged by 3,200% within a few days after its launch. Like Dogecoin, the hype around the BONK token also began on social media, indicating that many Meme coins are massively impacted by sentiments made by crypto fans on social media apps.
SOL Price Reacts to BONK’s Buzz
Elsewhere, the SOL price has received a massive boost due to growing interest in the BONK project. Data from CoinGecko shows that SOL is currently trading at $16.3, meaning the price has doubled since it dropped to $8.03 last year following the FTX downfall.
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