The digital currency market has been on a roll in the past 24 hours, with the combined crypto market cap surging 3.38% to $884.61 billion.
However, one coin that has not seen the same success is Bonk (BONK), a meme coin that has experienced a significant price slump.
BONK’s current price is trading at $0.000001017, a 35.17% decrease in the past 24 hours. This makes it one of the top losers in the crypto market.
The reasons for its decline can be attributed to its rapid growth at the beginning of the year, as well as a retail buying frenzy that saw it compete with other meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
Despite the recent 70% drop in price over the past week, BONK’s growth over the past two weeks is still impressive, with an increase of over 1,000%.
So, what can power BONK’s growth in the future? Many successful meme coins in the industry have one thing in common: they are listed on top exchanges such as Binance and Coinbase Global Inc.
For BONK to regain its price and see significant growth in the future, it must also be listed on one of these exchanges. This will bring in more liquidity and help sustain its trading volume, which at one point surpassed Ethereum’s.