The price of Bonk [BONK] increased by 20.04% in the last 24 hours, driving the token rallied to a new all-time high. The price increase
increased by 20.04% in the last 24 hours, driving the token close to its all-time high. The price increase ensured that BONK hit $0.000032 on the 21st of May.
However, BONK’s price had dropped to $0.000031 at press time. But AMBCrypto could not help but notice how the memecoin outperformed For those uninitiated, SOL is the native token of the blockchain on which BONK was built. As of this writing, SOL changed hands at $182.01— A 2.58% increase within the same period.In past times, BONK has displayed a strong correlation with SOL. However, the difference in performance was not always this big, suggesting that Solana could be lagging compared to other large-cap tokens.
Beyond this, AMBCrypto examined BONK’s social volume. According to Santiment, the social volume jumped. This metric tracks the number of arbitrary search texts related to a cryptocurrency.At that time, social volume hit 110, after which BONK’s price plummeted from $0.000038 to $0.000022 within a few weeks.
At press time, the cryptocurrency’s market cap was $2 billion. Market cap is the product of price and circulating supply. Therefore, if the number of tokens in circulation remains the same, a $10 billion market cap would mean BONK’s price might hit $0.000155.Considering the kind of performance the token has put in the last year, this does not sound unreasonable. However, it might not happen within a short period.If the price of SOL dumps, there is a high chance that BONK might do the same.
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