BONK Joins The Rank Of SHIB And DOGE, But Should You Buy It?

At a time when the crypto market is seeing low costs, one other meme coin known 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 over the past week, however is it nonetheless a superb time to enter?

Ought to You Purchase BONK?

Like with any meme coin, the worth of BONK took off with extreme shilling on social media. This got here from influencers with giant followings and as soon as the FOMO kicked in, the coin quickly rose. Even now, it’s nonetheless seeing plenty of 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 depart 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 likelihood that the coin shouldn’t be achieved with its rally. It was the identical means with different meme cash similar 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 in a position to maintain the hype. As soon as this occurs, traders ought to anticipate to see such a decline development as has been recorded in each DOGE and SHIB prior to now yr.

Is Meme Coin Season Again?

The expansion of BONK over the past couple of days might simply mislead one into believing that the meme coin season was returning however that’s not the case. Moreover, the Solana-based cryptocurrency, no other meme coins are rallying in the market currently.

For instance, the most important meme coin available in the market, Dogecoin, could also be seeing some inexperienced proper now however it’s only seeing 1% features within the final 24 hours. The identical is the case for Shiba Inu which is barely up 1.10% in the identical time interval. 

To check, BONK’s value is up over 110% within the final day alone, in accordance with knowledge from Coinmarketcap. If the cryptocurrency had triggered a return of the meme coin bull market, then there can be related features throughout different cash however the costs of those property stay muted within the meantime.

BONK is barely 10 days outdated after being launched on December 25. The mission 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.

Observe Best Owie on Twitter for market insights, updates, and the occasional humorous tweet… Featured picture from Twitter, chart from TradingView.com

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