One of the most popular altcoins in recent days, the largest Solana-based memecoin Bonk (BONK) continues its impressive climb after being listed on various exchanges. Although the altcoin was listed on Coinbase recently and is set to be listed on Binance today, the on-chain data platform Santiment has issued a critical FOMO warning.
Santiment’s FOMO Warning for BONK
BONK, which has seen a twentyfold increase in the past month, is now preparing to secure its place on the Binance exchange following Coinbase. Despite the continuous rise in the altcoin’s price due to these listings and its Solana base, with support also from SOL‘s significant surge, Santiment has issued a FOMO warning.
Santiment stated, “The most popular memecoin BONK saw its market value increase by 116% just in the past day, thanks largely to the Coinbase listing. BONK has risen from 69th to 43rd place in the list of largest cryptocurrencies in just the last 12 hours. If you’re feeling the urge, be wary of the overly excited crowd of investors.”
Known by the acronym Fear of Missing Out (FOMO), it translates to “Fear of Missing Out” or “Fear of Being Left Out” in Turkish. FOMO is defined as the fear individuals have of missing out on investment opportunities in financial markets or the concern of not keeping up with others’ gains. This situation arises when investors fear they cannot catch up with a rapidly rising asset or investment opportunity upon seeing market trends and other investors’ successes.
FOMO has serious negative effects on financial decisions. Investors make hasty decisions and take risks, making transactions without proper consideration, leading to financial losses.
The Altcoin’s Trading Volume Nears 1 Billion Dollars
BONK‘s price has maintained an impressive increase of over 100% in the last 24 hours. Having briefly surpassed the $0.00003 threshold, the altcoin is currently experiencing a slight pullback, trading at $0.00002968 at the time of writing this article.
Meanwhile, BONK’s trading volume continues to rise along with its price. With the latest figures, the altcoin’s trading volume has soared by 278.2% in the last 24 hours, now just below the 1 billion dollar threshold, standing at 999.77 million dollars.
