Solana Meme BONK Faces Volatility After Almost 30% Price Drop

Over the past 24 hours of trading, the Solana-based meme coin BONK saw its price fall by almost 30%. This came after an explosive month where the cryptocurrency’s price surged by more than 1,000%.

BONK’s success was evident in the fact that Solana’s crypto phone witnessed a huge surge in demand. Since the release of the phone in May of this year, users have been eligible for a very generous 30 million BONK airdrop, causing a frenzy of people trying to get a hold of the valuable token through the purchase of the Solana phone.

On 15 December, the co-founder of Solana, Raj Gokal, shared in an X post that Solana phone sales increased tenfold in just 24 hours. He even hinted that the phone could sell out by the end of 2023, which ended up being the case.

However, things have taken a bit of a turn for both SOL and BONK heading into the weekend. This is evident in the fact that BONK’s price took a more than 26% knock, which caused it to trade at $0.0000239 at press time, according to CoinMarketCap.

Meanwhile, BONK’s 24-hour trading volume increased by 34%, which caused it to rise to $1.62 billion. It is, however, important to keep in mind that this increase in volume could be due to people selling some of the airdropped tokens received after purchasing the Solana phone.

The meme coin’s price drop also brought BONK’s market cap down to $1.46 billion, which ranked BONK as the 51st largest token by market capitalization. This placed it right behind Stacks (STX) in the 50th spot and in front of Helium (HNT) in 52nd position. On the other hand, BONK’s weekly performance was still up by over 70%.

The price of SOL ended up dropping by 2.66% since yesterday, which brought the altcoin’s value down to $74.37 at press time. This caused its weekly performance to drop down to -3.72%.