BONK hits the market — is the FUD real?

• Air Dropped on Christmas 2022.
• Marked ATH at $0.000004922.
• Many suspect a pump and dump scheme. 

BONK enters the category of the dog-memed coins. It is a new Solana-based dog coin, issued by the decentralized organization BonkDAO. The dog-meme coin was airdropped to Solana NFT holders, DeFi members, art collectors and Solana developers. It called itself “the first Solana dog coin for the people by the people.”

BONK, the people’s dog coin, follows the footsteps of popular dog-faced meme coins like Dogecoin and Shiba Inu. Bonk’s one-pager mentions its contributors being “tired of the toxic “Alameda” tokenomics.” It aims to be a “fun meme coin where everyone gets a fair shot.” 

Over the past few days, BONK witnessed an awe-inspiring surge, but after marking its ATH, has fallen by more than 60%. Consequently, the team burned 5 trillion BONK tokens worth almost $1 million, to reduce tokens in circulation and hold the price decline. 

What’s the FUD all about?

Bonk architects opted to remain anonymous, like the creators of various other meme coins. Many meme coins and dog coins have developed a reputation of being a ponzi-scheme. Many turned out to be rug pulls and others were a pump and dump case. However, investors in BONK might be prudent and are likely to proceed with caution. 

Although the popular aforementioned meme coins, SHIB and DOGE are being traded in relatively high volumes, they are undoubtedly volatile and keep the thrill intact. 

The Bonkpaper explains that the token endeavors to be the true coin of the Solana community. These promises sound like deja-vu to the investors as many meme coins, now maybe non-existent, have made similar sounding assurances. Solana is often accused of being controlled by Venture Capitalists; BONK aims to change that narrative.

Do prices differ?

BONK price reached a high of $0.000004922, and since then has fallen by more than 60%. The volume shows a red market with mass selling. The plummeting OBV suggests the selling spree to continue. This collectively, hints at a possible pump and dump of the meme coin. The holders expect the price to drop further to $0.00000060. 

SOL rises taking aid from BONK 

The SOL price surged taking support of the BONK hype, marking a bull run for the token. The users were seen accumulating SOL coins to receive high APRs up to 1000%, which were offered by the BONK pairs. 

Conclusion

The market for BONK seems too good to be true. The miraculous surge followed by a free fall, sends shivers down the holder’s spine. They are forced to think twice upon their investment decision, as the market reflects blood-red after the people’s meme coin marked its rally. Holders to watchout for the breakdown zone of $0.00000060.

Technical levels

Support levels: $0.0000000375 and $0.0000000048

Resistance levels: $0.00000500 and $0.000005550

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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