After a +4000% surge, BONK was being compared to Shiba Inu in the community. Yet, earlier today, the meme crypto witnessed a major plummet. BONK slipped all the way from a high of $0.000003951 to a low of $0.000001829. At press time, the asset was trading for $0.000001952 with a nearly 50 percent daily drop.
As seen in the BONK/USDT chart, the asset witnessed a massive fall since yesterday. The Relative Strength Index [RSI] indicator echoed a bearish notion. The RSI was way below the 50 median and pointed out that it was a sellers’ market.
Currently, BONK is 60.20 percent below its all-time high of $0.000004922.
Despite a drop in its price, the transaction count of the asset was on an uptrend. From the time of its launch, the asset has recorded 4,949,965 transactions. However, today’s transaction count was slightly less in comparison to the last two days.
BONK burns 5 percent of its total supply
This Solana-based crypto project was launched towards the end of December. Earlier today, BONK took to Twitter and announced that it burned a whopping 5 trillion tokens.
This accounted for 5 percent of the network’s total supply. Additionally, this set of tokens was allocated to the developers of the project. Several were lauding the network for burning funds that were allotted to the developers. However, it was brought to light that this was set aside for development incentives for the future.
While it is too soon to evaluate the credibility of the project, the latest price drop is a worrying factor. However, it is important to note that such corrections after an initial price rise is a common occurrence in the cryptocurrency industry.