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Solana memecoin BONK’s trading volume decreased by 45% after reaching the fourth position among memecoins by market capitalization.
After reaching fourth place among memecoins by market capitalization, Solana blockchain’s memecoin BONK (BONK) saw a massive 45% decrease in its trading volume.
BONK, a memecoin that was airdropped to the Solana community in late December and quickly rose through the ranks, now has a market capitalization of around $1.83 billion, surpassing WIF’s $1.69 billion. However, despite BONK’s initial rally, which saw a surge in trading volume, the latest downturn may raise concerns among traders who were hoping for a sustained climb.
As BONK’s trading volume dropped significantly over the past 24 hours, reaching levels of around $0.000027, some traders expressed cautious optimism, anticipating a potential rise if it can breach the resistance level of $0.000028. Others remained skeptical, predicting a potential decrease to $0.000024 if it fails to gain momentum.
Meanwhile, the community behind BONK is excited about recent grants being given to artists in the Solana NFT space, with some traders speculating that this may help integrate BONK further into the Solana ecosystem. However, as the memecoin continues to attract attention, it remains to be seen whether BONK will live up to expectations or if its hype will eventually fizzle out.
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