Last year, the Solana ecosystem experienced a significant boost, with its local token SOL and the meme coin BONK soaring, greatly satisfying investors. But what is the current situation for BONK after its spectacular rise and subsequent fall?
Current Situation of BONK Coin
According to the latest data from Coinglass, the leading meme coin of the Solana (SOL) ecosystem, Bonk (BONK), has seen its Futures Open Interest decline to the lowest level in the last 10 days.
Coinglass data also indicates that the decline in Open Interest began on January 10, and since then, it has decreased by 33%. As of the time of writing, the Futures Open Interest for BONK was at $2.97 million.
This situation in BONK can be explained by the fact that a decrease in Open Interest like this suggests a reduction in trading activities due to waning interest in meme coins, indicating a change in sentiment and an increase in profit-taking.
Despite a price decline compared to the previous month, BONK had hosted an epic rise last year, reaching its peak at $0.000024 on December 15, 2023.
However, perhaps due to investors shifting their focus to new altcoins and those they believe could explode, traders’ efforts to take profits have led to a drop in BONK’s value. According to CMC data, BONK’s price has fallen by 40% since last month.
On the other hand, the BONK market has predominantly shown negative Weighted Sentiment over the past 21 days of this year, as reflected in the charts.
As sentiment among traders decreases, the rate of opening new positions could drop due to fewer trading positions, potentially leading to a larger decline in the meme coin’s price.
Furthermore, as investors exited BONK trading positions over the last ten days, the price fell. According to the press time, BONK’s price had dropped by 18% over the last seven days, trading at $0.0000118.
How Much is BONK Worth in Dollars?
Despite a 20% drop in BONK’s price last week, today’s price performance seems to have somewhat pleased investors. At the time of writing, BONK was trading at $0.00001182, showing a 4% increase.
On the other hand, even with the price increase, there was a 36% decrease in trading volume within 24 hours, falling to $68 million. However, there was an increase in the overall market volume.
The price increase also contributed to a rise in market volume, with BONK’s market cap increasing by 3.75% to $750 million. Investors who were greatly satisfied with BONK last year are now curious about the coin’s potential moves in the coming days.
