BONK Drops $90 Million in Market Cap in 10 Days: Is the Buzz Over?

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• Bonk was controlling a market cap of $58,44 million as of this writing.
• This is a drop of approximately $90 million in the past 10 days.
• Millions of Bonk tokens had been burned according to the Solana team.

The meme-based cryptocurrency, Bonk (BONK), recently had considerable capital inflows, but is now under selling pressure with the early enthusiasm around the token appearing to be waning.

At press time, BONK had a market cap of $58.44 million, representing a loss of about $90 million within 10 days. The token had a market cap of $150.94 million on January 6, according to CoinGecko data.

BONK 10-day market cap chart, source: Coingecko

It is essential to keep in mind that once this token was available for Solana (SOL) developers and the NFT community, BONK registered a price breakout in comparison to the rest of the market.

Industry experts noted that a price gain was also recorded for Solana after many weeks of correction, which was beneficial to the crypto since developers had recently shown support for the token.

On the same note, it was reported by the Solana team that millions of BONK tokens had been burned, and it is believed that the token will play an important part in the impending release of the Solana smartphone.

Solana Mobile additionally claimed that every pre-order for a Solana Saga phone would result in the burning of 5 million BONK tokens. These 5 million BONKs will allegedly be airdropped into the wallets used to purchase the Solana Saga smartphones.

In conclusion, BONK has been changing hands at $0.000001 in the past 24-hours with a trading volume of $21 million within the same period. On the upside, BONK has surged by 21.08% in the last 24-hours, pushing it to a CoinMarketCap ranking of No. 2,595.

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