Shiba Inu rival BONK drops 54%

• BONK, a Solana-based dog-themed memecoin launched last month, dropped 54 percent in the last day. 
• The price plunge could be a unique buying opportunity before the token surges again. 

BONK, the token of an eponymously named dog-themed memecoin, has taken the crypto market by storm. Following a phenomenal rise earlier this week, BONK has dropped over 54 percent in the last 24 hours.

Per the latest price data, the Solana-based Shiba Inu (SHIB) rival rose more than 3,300 percent over the last week. The price gain saw it reach an all-time high of $0.00000487 on Jan. 5.

BONK currently trades at around $0.0000019, having dropped 54 percent in the last 24 hours. This price is a 59.1 percent drop from its ATH and presents a likely opportunity for new participants to enter the market of the infant memecoin.

This is because, despite its turbulence, BONK is still one of the best-performing cryptocurrencies this week. The performance has seen early holders make largely outsized gains from the price surge.

BONK was launched last month with a circulating supply of 100 trillion tokens. Half of this was airdropped for free to the community including builders and collectors. Some Solana app builders who are part of LamportDAO each received 5 billion BONK on Dec. 25. The stash, which was valued at less than $1,000 at the time, was worth almost $122,000 at BONK’s peak price.

Could BONK drive a full recovery for SOL?

The momentum of the Shiba Inu dog-themed token has all propped up the price of SOL. The Solana blockchain native token is up 44.7 percent in the last week, currently trading at $13.23. SOL reached a weekly local high of $14.05, a price it last traded at in early December.

The SOL price performance is a reversal of the downward trend the token has been in since November 2022. According to a CNBC report at the time, the price of SOL plummeted as the blockchain lost significant investor confidence due to ties with FTX.

Despite the BONK-fueled rally, the price of SOL is still 94.9 percent down from its ATH of $259 reached in November 2021.

Meanwhile, the developers of BONK are revealing plans to give the memecoin more utility as it attempts to unseat other memecoins including Dogecoin (DOGE), SHIB, and Floki Inu (FLOKI).

Solana Mobile, the unit of the Solana ecosystem developing its flagship mobile phone Saga, has indicated the possibility of integrating BONK. In a tweet, the official handle of Solana Mobile asked if market participants would buy Saga with BONK.

One community member responded that they were likely to if the transaction burns a percentage of BONK. In response, Solana mobile said for the community to stay tuned as the suggestion is considered.