- BONK’s market cap dropped from $1 billion to $631.06 million.
- Search for the cryptocurrency has decreased and participants were no longer bullish.
For a cryptocurrency that took the market by storm, Bonk’s [BONK] performance of late has been underwhelming.
From AMBCrypto’s perspective, the memecoin might drop below the top 100 if care is not taken. At press time, BONK was number 96 on the market cap standing, according to data from CoinMarketCap.
But its position on the table was not the major concern. Instead, it was its decreasing value among other metrics that made us arrive at the projection.
Previously, BONK’s undiluted market cap surpassed $1 billion. However, press time data showed that the market cap had fallen to $631.06 million.
Source: CoinMarketCap
The hype has gone down
The market cap is the product of the price and the circulating supply. Therefore, this decrease suggests that while BONK’s price fell, its usage in transactions also declined.
Around the 16th of December, the price of BONK was $0.000024. But at press time, the value had decreased and was changing hands at $0.0000099.
One metric that suggested the decline was the social volume. When social volume climbs, it means that the search for a cryptocurrency is high.
This was the case for BONK between the 12th and 23rd of December. It was also around this period that it reached its highest value.
But since 2024 began, BONK’s social volume has been depressing, indicating that the broader market was no longer giving BONK the attention it got earlier.
But in the long run, buying the meme coin at these low levels could be profitable, as AMBCryto recently explained.
However, it is important to note that the cryptocurrency’s recovery might now be quick. But traders can look to the price action of Solana [SOL] to predict what might become of BONK.
Should SOL’s price jump above $100, then BONK might hit $0.000012 for a start.
Source: Santiment
Bonk looks to Solana for recovery
In the case where SOL’s value decreases, BONK’s price would most likely follow, which might send the token out of the top 100 per market cap.
Another metric we considered as shown above was the Weighted Sentiment. The chart above indicated that the Weighted Sentiment reached its peak around the same time that BONK hit its All-Time High (ATH).
But like the social volume, the Weighted Sentiment has remained at very low values. If the Weighted Sentiment was positive, it would have implied a bullish perception.
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However, being in the negative region since the 30th of December suggests that a large part of the market does not see the meme coin recovering in the short term.
Going forward, BONK’s price might fall below $0.0000099. However, if the market conditions improve over the next few months, the value can aim at its previous peak.
