BONK Price Plunge Presents Buying Opportunity: Could Prop Up SOL Price

• BONK, a Solana-based dog-themed memecoin, has dropped 54% in the last day.
• This provides a potential buying opportunity before the token surges again.
• The price surge of BONK has also propped up the price of SOL.

The crypto market has been abuzz with the recent launch of BONK, a Solana-based dog-themed memecoin. The token has caused a stir with its phenomenal rise in the last week, reaching an all-time high of $0.00000487 on Jan. 5. However, it has dropped over 54 percent in the last 24 hours.

The price plunge has presented an opportunity for new investors to enter the market before the token surges again. This is because, despite its turbulence, BONK is still one of the best-performing cryptocurrencies this week. Early holders have made huge profits from the price surge, with some app builders who are part of LamportDAO each receiving 5 billion BONK on Dec. 25, with the stash worth almost $122,000 at its peak price.

The momentum of the Shiba Inu dog-themed token has also propped up the price of SOL. The Solana blockchain native token is up 44.7 percent in the last week, currently trading at $13.23. This marks a weekly local high of $14.05, a price it last traded over a month ago.

The next few days will be crucial for BONK, as investors will be looking to see if the token will continue to decline or make a comeback. If it does, it could provide investors with a huge return on investment. Moreover, given the positive sentiment surrounding BONK, the token could even drive a full recovery for SOL.

For now, investors should take caution and remain aware of the volatile nature of BONK before making any decisions. While the token could be a great opportunity to make a fortune, it could also be a risky venture. Nonetheless, BONK’s current price drop could be a great buying opportunity before the token surges again.