BONK NFTs are booming – but the meme coin on Solana (SOL) is down an amazing 69%

BONK NFTs are booming - but the meme coin on Solana (SOL) is down an amazing 69%

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After the sale, BONKz NFTs are now trading at 10x their original price – but BONK itself is still bearish.

BONK NFTs are through the roof

BONK fever is rampant in the Solana community: a collection of NFTs inspired by the dog-themed meme token has launched and quickly sold out, now trading at 10x the original retail price. However, the actual Solana-based BONK token continues to lose value after last week’s rise – it is now 69% below the peak price.


Image: BONKz

BONKz, a Solana NFT collection created by the participants behind the BONK token, debuted on the Magic Eden market a few hours ago. Within a few hours, the 15,000 tokenized profile pictures (PFPs) were sold.

The NFTs changed hands for 16.25 million BONK each – that’s just $26. However, they command a significant premium on the secondary market. Currently, the reserve price (or the price of the cheapest listed NFT) for Magic Eden is 17 SOL, which is about $280. The project has already traded around $913,000 measured in SOL.

BONKz project artwork includes contributions from creative studio Solana OMNI (The Fracture) and by artists such as John LĂȘ and Degen Poet. The creators burned all the BONK issued for today’s coins – about 165 billion BONK, or $255,000, ie permanently destroyed, to reduce the total stock of tokens.

How far will BONK fall?

Despite the excitement surrounding the launch of the NFT project and the subsequent sale, even after several previous ups and downs, the BONK token is down almost 4% in the last 24 hours, to currently trade at a price of 0 , according to details. from CoinGecko .00000151 dollars.

The token, which is similar to Dogecoin and the Ethereum-based Shiba Inu (SHIB), is down 69% in less than a week from its peak of $0.0000487. Still, the price of the token is up 86% in the past week – these contrasting double-digit numbers indicate just how volatile the market swings have been.

BONK was recently launched: starting December 25, a trillion of the token was distributed to members of the Solana community, including decentralized application developers, NFT project creators and artists, and even owners of various NFT collections.

The signal then began to rise rapidly. At one point last week, BONK was up 3,300% despite its price dropping 54% in less than 12 hours. Meme coins like BONK, SHIB, and DOGE are highly dependent on social media sentiment. This is also reflected in Dogecoin’s long history of price fluctuations, which can be traced back to tweets by Elon Musk.

BONK may have had a rollercoaster ride in recent weeks, but the meme base seems to have rekindled the mood in Solana’s room. Amid trading momentum and increased adoption of the token by apps and services, the price of SOL doubled after falling to a nearly two-year low of just under $8 before the end of 2022. SOL is currently trading at $16.50 (CoinGecko).

Arcade Beta launched! A new milestone for upstart meme base Tamadoge

Investors interested in memecoins like Dogecoin, Shiba Inu or BONK could also take a look at the rising memecoin Tamadoge (TAMA) – one of the first utility memecoins: it hit a new milestone with the launch of Arcade Beta!

Finally, users can test the first games, including “To The Moon”, “Super Doge” and “Rocket Doge”, two more are to follow soon.

There is no money to be made from playing these games yet, but the Play-2-Earn feature is to follow soon. Players can then gamble at Tamadoge for Dogepoints and assert themselves against the competition – and are awarded TAMA tokens.

Buy TamaDoge now

Text proof: Decrypt

Last updated on January 11, 2023

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