Despite the recent rally in the digital currency market, with the combined crypto market cap surging 3.38% to $884.61 billion, meme coin Bonk (BONK) has not been as fortunate.
BONK’s price has decreased by 35.17% in the past 24 hours, positioning it as one of the top losers in the crypto market.
The reasons for the decline in BONK’s price can be attributed to its rapid growth at the beginning of the year and the retail buying frenzy that saw it compete with other meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
This resulted in a 70% drop in price over the past week, but BONK’s growth over the past two weeks is still impressive, with an increase of over 1,000%.
To power BONK’s growth in the future, it must follow the footsteps of successful meme coins in the industry and be listed on top exchanges such as Binance and Coinbase Global Inc.
This will bring in more liquidity and help sustain its trading volume, which at one point surpassed Ethereum’s. This could be a key factor in helping BONK regain its price and see significant growth in the future.