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BONK NFTs boom, but token is down 69% from peak

BONK+NFTs+boom+but+Solana-Based+Meme+Token+is+down+69_+since+peak

Following selling out, the BONKz NFTs are currently trading for ten times their mint price, whilst the actual BONK token continues to decline.

BONK fever is still raging in the Solana community, as a collection of NFTs inspired by the dog-themed meme token was released, immediately sold out, and is now trading for 10 times its initial price. Despite this, the actual Solana-based BONK coin has lost 69% of its value from its all-time high last week.

BONKz, a Solana NFT collection co-created by the creators behind the BONK cryptocurrency, debuted on the Magic Eden marketplace this morning and sold out of all 15,000 tokenized profile pictures (PFPs) within hours.

The NFTs were sold for 16.25 million BONK each, or $26, though they command a substantial premium on the secondary market. The floor price (or price of the cheapest advertised NFT) on Magic Eden is now 17 SOL, or around $280. As measured by SOL, the project has already generated approximately $913 000 worth of trades.

The BONKz project artwork include contributions by Solana creative studio OMNI (The Fracture) as well as John Lê and Degen Poet, among others. In an effort to lower the overall token supply, the developers burnt all of the BONK that was spent on today’s mint, which amounted to around 165 billion BONK worth approximately $255,000.

Even though there was a lot of buzz about the launch of the NFT project and the rise in price after it sold out, the BONK token itself is down almost 4% on the day after a couple of up-and-down swings in the last 24 hours, and is now worth $0.00000151.

The price of the token, which is similar to Dogecoin and the Ethereum-based Shiba Inu (SHIB), has dropped 69% since it peaked on January 5 at $0.00000487. Even so, the price of the token has gone up 86% in the last week. The fact that these two numbers are in the double digits shows how volatile its market has been.

BONK was released in December when trillions of the token were airdropped to members of the Solana community, including decentralized app developers, NFT project creators and artists, and holders of various NFT collections beginning on December 25.

The token then began a quick ascent; at one point in the previous week, BONK was up 3,300% on the week despite its price having fallen 54% in less than 12 hours. As evidenced by the lengthy history of Dogecoin price changes attributed to Elon Musk’s tweets, meme coins like BONK, SHIB, and DOGE are significantly influenced by social media sentiment.

BONK has been up and down over the past few weeks, but it seems to have made the Solana space buzz again. The price of SOL has doubled since it fell to an almost two-year low of just above $8 before the end of 2022. This is because trading has picked up and more apps and services are using the token. According to CoinGecko, the current price of SOL is $16.50.

About Tina

Tina concentrates on all matters related to NFT and Web3. Tina uses social media to spot NFT trends and report unique news.

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