BONK Price Prediction

The price of BONK today is $0, changing within the past 24 hours for -1.98% and 16.27% over the week. BONK’s price action is characterized by the Bearish sentiment.

The current volatility index for BONK is measured at 15.39%. BONK’s circulating supply is 88T. In the big picture, the highest price BONK has reached is $0.0001 and its lowest observed price was $0.

What is Bonk Coin?

Bonk emerged mere months after the FTX exchange was brought down with its founder arrested on fraud charges. The ensuing bloodbath on the cryptocurrency market had impacted the Solana community a lot and an anonymous team came together to launch a token that would embody a community spirit, as opposed to a corporate approach.

The ethos of BONK is giving power to the people, so right out of the gate they distributed half of the total supply to Solana community members. The team intended to make BONK the meme coin for the Solana ecosystem and paved the way for many of its later counterparts.

Although not directly acknowledged, Bonk references an internet meme that features another internet-famous Shiba Inu dog Cheems. In that sense, it follows in the Dogecoin and Shiba Inu footsteps, while also establishing a brand and identity of its own.

What Influences the Price of BONK?

Competition

As we already mentioned, BONK was one of the first meme explosions in the Solana ecosystem. Tokens on Solana have existed for a while but for some reason, meme coins like Samoyedcoin had a hard time catching on.

Perhaps launching right after a major blowdown was one of the decisions that helped Bonk break the mold. Its success demonstrated the potential of Solana tokens, and dogwifhat with other projects followed suit.

A paradigm shift within the meme sphere was illustrated by newer tokens, PEPE being a prime example. Both it and WIF quickly outpaced BONK, although these projects did not bother with value proposition at all.

BONK was caught in a peculiar position between older and more recent meme coins, hindering its movement through the market cap rankings. Nevertheless, it remains a widely recognized specimen with hundreds of thousands of holders.

Meme Coin Trends

The BONK price history has demonstrated a few times how market trends within its niche exert a major influence on its value. Sometimes, they would even decouple from the broader market trends and outperform major cryptocurrencies such as Bitcoin and Ethereum.

A contributing factor to this behavior is the relative volatility of these types of tokens. Bonk in particular led the dog coin rally in early 2024, together with DOGE and SHIB but outperformed both.

Since then, there have been a few more cases with meme tokens outside of this group surging independently from the rest of the market. Of course, the reverse applies as well, so it would be more correct to say that meme coins have higher volatility rather than show better performance.

Market Sentiment

And of course, the general sentiment in the crypto market plays into the price action in BONK. It is far more likely to move in the direction where more valuable crypto assets are moving as well.

BONK Sentiment

Which way the market swings today? Overall, technical indicators show that currently, the sentiment in the BONK markets is Bearish. The Fear and Greed Index for BONK today is in the 25 (Extreme Fear) zone.