- Whereas SOL’s worth elevated by 2.58%, BONK jumped by 20% within the final 24 hours.
- Going by its earlier efficiency, the memecoin’s worth may enhance 5 folds.
The value of Bonk [BONK] elevated by 20.04% within the final 24 hours, driving the token near its all-time excessive. The value enhance ensured that BONK hit $0.000032 on the twenty first of Might.
Nonetheless, BONK’s worth had dropped to $0.000031 at press time. However AMBCrypto couldn’t assist however discover how the memecoin outperformed Solana [SOL] by a large margin.
For these uninitiated, SOL is the native token of the blockchain on which BONK was constructed. As of this writing, SOL modified arms at $182.01— A 2.58% enhance throughout the identical interval.
Is the memecoin leaving Solana behind?
In previous instances, BONK has displayed a powerful correlation with SOL. Nonetheless, the distinction in efficiency was not at all times this massive, suggesting that Solana could possibly be lagging in comparison with different large-cap tokens.
Past this, AMBCrypto examined BONK’s social quantity. In line with Santiment, the social quantity jumped. This metric tracks the variety of arbitrary search texts associated to a cryptocurrency.
Nonetheless, the metric had a studying of 9. When in comparison with the interval the memecoin skyrocketed to $0.000038, this was a low determine.
Supply: Santiment
At the moment, social quantity hit 110, after which BONK’s worth plummeted from $0.000038 to $0.000022 inside a number of weeks. Therefore, an inference taken from this was that search for BONK has not hit a FOMO stage.
FOMO stands for Concern Of Lacking Out, and it denotes a interval the place members who pale shopping for a token at a low worth start to buy it when the worth moved quite a bit greater.
Why a 5x worth enhance is feasible
When this occurs most instances, intense correction takes place as early adopters money out their positive factors, leaving late consumers stranded. For BONK, this won’t be the case as of now.
As a substitute, the worth of the token has the potential to rise a lot greater than the present worth. If that’s the case, then the market cap of Bonk may hit $10 billion earlier than the top of this cycle.
At press time, the cryptocurrency’s market cap was $2 billion. Market cap is the product of worth and circulating provide. Due to this fact, if the variety of tokens in circulation stays the identical, a $10 billion market cap would imply BONK’s worth would possibly hit $0.000155.
Supply: CoinMarketCap
Contemplating the type of efficiency the token has put within the final yr, this doesn’t sound unreasonable. Nonetheless, it won’t occur inside a brief interval.
But when the bull market lasts over the following two quarters, the cryptocurrency would possibly hit this goal.
Lifelike or not, right here’s BONK’s market cap in SOL phrases
No matter BONK’s worth motion, there is no such thing as a denying that the memecoin would possibly nonetheless want Solana to thrive.
If the worth of SOL dumps, there’s a excessive likelihood that BONK would possibly do the identical. Nonetheless, this doesn’t take away the token’s potential to 5x its worth in a number of months.