The price of the Bonk meme token has decreased significantly in the last day, highlighting potential issues for coins with minimal underlying fundamentals.
- Bonk price dropped by 11% to $0.00001918 in the past 24 hours, representing a 33% decline from its all-time high of $0.00003416 set on Friday.
- The RSI and 30-day average imply that overbuying occurred during Bonk’s recent rally, leading to the price correction.
- Bonk’s support level will determine if the current drop is a minor setback or the start of a major selloff.
- Meme tokens like Bonk that lack strong fundamentals face sustainability issues after initial hype periods.
- Other meme coins like Meme Kombat aim to provide utility through features like AI-powered meme battles and token staking.
Bonk (BONK), a meme-based cryptocurrency token on the Solana network, plunged in price over the last day as bullish sentiment from its recent rally appears to be fading.