BONK coin took the crypto world by storm in late 2023, rapidly gaining over 19,000% in value since its October launch. However, after hitting a peak in mid-December, the meme coin has now dropped 50%, leaving investors wondering if the hype is over.
Keypoints
- BONK coin surged rapidly, gaining over 19,000% since October but has now dropped 50% from its mid-December peak
- The price decline is attributed to hitting a market correction phase after the huge spike, as well as trading dynamics from exchange listings and new trading bots
- Further price drops are expected, with the 0.682 Fibonacci level seen as a potential target
- There is still some optimism that BONK could rebound after the holidays, but the initial hype and price craze seems to be over
- In the long run, BONK aims to help restore liquidity to the Solana ecosystem as a community meme coin
BONK rode the meme coin wave to meteoric growth, sparking excitement in…
