BONK came with major hype, is this downturn the end of its run?
The token was also linked to the Solana Phone at the time, with little or no update to back the sentiment initially revealed.This is one of the major fears in the BONK ecosystem at this time. Despite the fact that the BONK token was considered a landmark meme coin to unite the Solana ecosystem just the way Shiba Inu did for Ethereum, the recent price action has cast doubts on the goal.
A review of the on-chain metrics of BONK lends credence to the assumption that the initial price runs are a function of a few whales driving the run. With a 24-hour transaction volume of just about $6 million, down 33%, it is clear that only small retail holders are conducting transactions, a trend that is unsuitable for the coin's growth.
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