Even as cryptocurrency news this week were dominated by headlines around the arraignment of disgraced former FTX CEO Sam Bankman-Fried, a viral token dubbed Bonk Inu (BONK/USD) was making waves across the meme coin market.
The dog-themed cryptocurrency airdropped 50% of its 100 trillion supply to the community, and rose massively in the past seven days. Notably, 20% of the airdropped tokens were earmarked for 40 active Solana (SOL/USD) NFT collections – with about 296,000 individual NFTs receiving the tokens.
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Another 10% went to Solana NFT creators, with the SOL price spiking significantly in the aftermath of the airdrop.
BONK price rose sharply amid a flurry of exchange listings
According to data from CoinGecko, the BONK token saw a massive rally as interest from the community skyrocketed. Bonk Inu’s price also went parabolic after some top centralised exchanges, including Huobi, MEXC Global, Bybit, BKEX and DigiFinex went on to list BONK.
The meme token thus ripped a staggering 4700% in seven days, reaching an all-time high of $0.00000487 on Thursday. But while the crypto token currently trades more than 70% up in the past 24 hours, its price has slid more than 20% since hitting the noted all-time high. The token’s price has declined more than 12% in the past hour alone.
BONK’s market cap, which had risen to more than $200 million, has dropped below $177 million as of writing (about 06:45 am ET on 5 January 2023).
What next for BONK?
While Bonk Inu might still regain its upside momentum and rise to a new all-time high, its outlook suggests it maps a trend observed in other meme tokens. This is where the market has seen a hot Shiba Inu dog-themed cryptocurrency confound market outlook to hit stratospheric price levels amid a major pump.
However, the reversal has often been brutal, with prices crashing hard amid massive dumping.