Solana Trading Volume Tumbles; Is Bonk Token Responsible?

Bonk token was launched on December 25, 2022.
At press time, SOL, the native token of Solana, was trading at $20.98.
There are more than 340 meme tokens in the crypto market.

The trading volume of Solana based decentralized exchanges is descending rapidly and has slipped around 18% compared to the previous months.The recently launched dog-themed token is ranked 2630th as per its trading volume.

Source:DefiLlama(Solana Dexs TradingVolume)

Bonk is the first dog-themed coin developed on the Solana blockchain. It was launched in the last quarter of 2022. After its launch, the token prices skyrocketed, but the trading volume slumped.

At press time, BONK was trading at $0.000000887 with a 24-hour trading volume of $4,396,664. The trading volume of the dog-themed token decreased by 25% in the last 24 hours.

Bonk’s all-time high was $0.000004922, 82% higher than the current trading price of the token, and the all-time low was $0.00000009197, 861.53% lower than the current trading price of the token.

The circulating supply of Bonk tokens is 56,000,000,000,000 BONK, and the total supply of Bonk is 99,867,657,414,668 BONK.

Bonk is not the first dog-theme token; there are more than token known for their symbols, but among all 345 meme cryptocurrencies, Dogecoin and Shiba Inu are the most popular.

Meme coins gained popularity after the support of Tesla CEO Elon Musk. Most investors took an interest in the meme coins after Musk shared his support.

But after the sharp sell-offs in 2022, the new year brought some good indications for the crypto industry. As not only the meme coins but also most of the cryptocurrencies started trading in a bullish pattern.

Although Bonk is just another meme token, its increasing demand can be considered positive for Solana Blockchain, as Vitalik dreamt that the blockchain should get a chance to thrive.

Some coins and tokens saw a massive rise at the start but couldn’t manage the hype, and some even disappeared. And it is too early to say anything about Bonk, as to what will be its future and will it be the one who saves Solana.

Dogecoin is ranked first among all meme tokens, and Shiba Inu is ranked second as the most traded meme token in the crypto market. Meme tokens were just developed for fun, but with due respect to time, the token became popular.

Disclaimer

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