- While SOL’s price increased by 2.58%, BONK jumped by 20% in the last 24 hours.
Going by its previous performance, the memecoin’s value could increase five folds.
As a seasoned crypto investor with a keen interest in the Solana ecosystem, I have been closely monitoring the recent price movements of SOL and BONK. While I was pleased to see SOL’s modest 2.58% increase within the last 24 hours, I was particularly intrigued by BONK’s impressive 20.04% surge during the same period.
In the past 24 hours, the value of Bonk (BONK) rose by 20.04 percent, bringing it near its peak price. Consequently, on May 21st, BONK reached a value of $0.000032.
Despite a significant drop in BONK‘s price to $0.000031 at the current market update, AMBCrypto observed an impressive outperformance of the memecoin against Solana (SOL).
For newcomers, Solana’s native token, SOL, was exchanged at approximately $182.01— marking a 2.58% growth during the specified time frame.
Is the memecoin leaving Solana behind?
Previously, Bonk and Solan exhibited a robust correlation. Yet, the disparity in their past performances wasn’t consistently as substantial. This implies Solana might have fallen behind other prominent crypto assets.
Additionally, AMBCrypto analyzed the social buzz surrounding BONK using data from Santiment. The platform indicated a significant increase in the number of mentions or searches related to this cryptocurrency.
Despite reaching a reading of 9 on the metric, this value paled in comparison to the time when the memecoin surged to an astounding $0.000038.
When social volume peaked at 110, the price of BONK took a sharp dip from $0.000038 to $0.000022 within just a few weeks. Based on this observation as a crypto investor, it seemed that the hype around BONK had not yet reached the level of fear of missing out (FOMO).
As a crypto investor, I’ve experienced the intense feeling of FOMO, or Fear Of Missing Out. This sensation kicks in when I see the price of a token skyrocketing and I regret not buying it earlier at a lower price. So, FOMO represents that uneasy anxiety of missing out on potential profits from a surging asset.
Why a 5x price increase is possible
As a researcher observing market trends, I’ve noticed that when early adopters realize significant gains in an asset or investment, they often choose to sell, leading to intense correction and potential disadvantage for late buyers. However, based on current observations of BONK, it seems that this typical pattern may not apply at the moment.
The token’s price may significantly increase from its current level, potentially reaching a market capitalization of $10 billion by the close of this market trend if that scenario unfolds.
At the moment of publication, the cryptocurrency’s total value in the market was $2 billion. Market capitalization is calculated by multiplying the price of each token by the number of tokens currently in circulation. Consequently, if the amount of BONK tokens in circulation stays constant, then a market cap of $10 billion would imply that the token price might reach around $0.000155.
Based on the token’s impressive track record over the past year, such an occurrence is plausible, although it may take some time to materialize.
But if the bull market lasts over the next two quarters, the cryptocurrency might hit this target.
Realistic or not, here’s BONK’s market cap in SOL terms
No matter how the price of BONK behaves, it’s undeniable that the memecoin could benefit significantly from being built on the Solana platform.
If the cost of SOL decreases significantly, it’s likely that BONK will experience a similar trend. Nevertheless, BONK still holds the capability to increase fivefold in value within a short period of time.
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2024-05-21 17:12