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BONK loses 32% in a week – the end of memcoin euphoria?

Altcoins: BONK loses 32% in a week – the end of memcoin euphoria?

On October 15th, the BONK price achieved an unprecedented milestone: its market value doubled within a single day, attracting a surge of investors to the memecoin.

At its peak, it reached a trading price of $0.00003416.

However, this morning, the cryptocurrency is now trading at a mere $0.00001337, marking a staggering 60% decline from its all-time high.

Within the span of a week, the BONK price has experienced a drastic 32% plummet. While memecoins are known for their volatility, this decline is particularly noteworthy. Currently, BONK's market capitalization stands at a modest $800 million, placing it in the 90th position among the most capitalized cryptocurrencies.

#BONK was introduced approximately a year ago, initially distributed exclusively to Solana developers. Their decision has proven to be highly lucrative, as the cryptocurrency has surged by an impressive +15,392% over the past year.

BONK loses 32% in a week – the end of memcoin euphoria?
BONK/USDT price chart. Source: CoinMarketCap

Is Solana the December sensation?

Sharp fluctuations in memecoins have become somewhat of a tradition within the crypto ecosystem. However, this trend also highlights the current success of Solana. As we discussed earlier this week, the SOL price has also experienced a significant rise, propelling the cryptocurrency to the 5th position among the most capitalized cryptocurrencies, following a brief stint in 4th place.

The #Solana network offers faster and more cost-effective transactions compared to Ethereum. Despite encountering some technical challenges, it has managed to generate considerable excitement in recent weeks. On-chain activity has skyrocketed, with daily active addresses reaching an impressive 1.3 million. Thus, the cryptocurrency once dubbed the "#Ethereum killer" is making a strong comeback.

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