The meme coin craze on Solana was one of the big talking points in the latter half of 2023, with the dog-themed token Bonk (BONK) leading the way. However, many traders are wondering if the BONK hype is finally over, given that the token is now trading 69% below its all-time high.
As BONK struggles, a new token called Smog (SMOG) hopes to capture the attention of the Solana community and become the next big thing in the meme coin space after surging 800%.
Solana-based BONK Nosedives from All-Time High as Investors Lose Interest
BONK’s price has been steadily dropping for almost two months, with the token now hovering around $0.00010.
This dramatic fall from grace began on December 15, at the end of an incredible rally that saw BONK’s value surge over 10,500% in just eight weeks.
However, BONK has posted regular bearish closes since December’s high, taking the token below its 50-day exponential moving average (EMA) on the daily time frame.
More worryingly, BONK trading volumes are well below what they were in the final weeks of 2023 – suggesting meme coin investors are looking elsewhere for returns opportunities.
Although BONK is now integrated into 118 decentralized applications (dApps) and has almost 650,000 holders, most investors have chosen to take profits rather than hold out for another bullish leg.
With PEPE now overtaking it in terms of daily spot trading volume and the hype on social media dying down, BONK’s future seems uncertain.
Can Bonk Token Pull Off a Comeback in 2024?
So, is BONK officially dead, or could the token stage a comeback?
Fellow Solana meme coin Honk (HONK) fared better in early 2024, bucking the overall bearish trend for meme tokens. HONK surged to an all-time high of $0.024 on January 26 – a whopping 788% increase in just three days.
For BONK to reclaim its former glory and post gains like HONK’s, market sentiment would need to shift dramatically, much like it did during the spot Bitcoin ETF hype wave.
New use cases like its play-to-earn (P2E) game could also give BONK renewed utility and investor interest.
While unlikely in the short term, an influential celebrity endorsement could also put BONK back on the map.
For now, though, it seems the typical meme coin lifecycle of exponential growth and an even faster decline is playing out – meaning BONK has a tough road ahead to return to previous highs.
SMOG Aims to Be Next Explosive Solana Meme Coin with Exclusive Airdrop Opportunity
As BONK struggles, a new meme coin called Smog has emerged that’s being touted as the next big thing in Solana meme tokens.
Launched just yesterday on the Jupiter exchange, SMOG brands itself as “one meme coin to rule them all” – a direct challenge to BONK’s former dominance.
SMOG’s value is up a whopping 800% in less than 24 hours – and has even begun trending on DEXTools.io, according to a tweet from @DexBotOG.
With clever dragon-themed marketing, SMOG aims to produce the same kind of viral social media hype that propelled BONK and HONK to all-time highs.
Moreover, with 35% of the total 1.4 billion token supply set aside for the “greatest airdrop in history,” SMOG is already building a loyal community.
To participate in the airdrop, all investors need to do is buy and hold SMOG, then sign up to the Smog community on Zealy to earn extra airdrop points.
SMOG’s tokenomics also include a 50% allocation for marketing efforts, meaning the project has the resources to fuel major influencer campaigns.
If it can get the backing from the right people, SMOG could reach the same level of visibility as previous buzzworthy Solana meme coins.
The token’s visibility will also likely be boosted if the creators can implement the plans set out on Smog’s roadmap, which include more airdrops and even a potential token burn protocol.
With locked liquidity and a current value of only $0.020, SMOG could be a coin to watch in the coming weeks.
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