This past week has been a wild ride for the recently minted canine-centered meme currency BONK. The Solana-based memecoin, which suddenly sprang out of nowhere and soon made its way into the top 200 cryptocurrencies by total market capitalization, was hit hard by a powerful bearish trend late on Thursday evening.

BONK’s Price Crashes By 40%

As speculation spread that BONK’s creators would be selling off their assets, a number of Solana whales liquidated their BONK positions. Because of this, BONK’s market value dropped by a whopping 54% over the course of 24 hours. Despite the significant drop in price, the memecoin is still in positive after a 1509.7% increase during the previous week.

Following the current bearish outburst, the 24-hour trading volume of the altcoin has declined by 43.40% to $63 million while the market cap has dropped by 0.3% to $93 million. This is a direct response to the falling market price after a large number of SOL whales began withdrawing their BONK holdings and reaping enormous profits. A cryptocurrency investor, in particular, admitted on Twitter that he sold $700,000 worth of BONK shortly after purchasing it for just $330.

I had to dump .Stop dump shaming me 🙄 $BONK pic.twitter.com/x5SmBEoB9l

 

— mfckr.eth 🦇🔊 (@mfckr_eth) January 5, 2023

BONK’s Price To Dump More?

However, as per the token’s richlist data, the top twenty wallet addresses have ownership of almost 50% of the token’s circulating supply. This has led many to believe that the token can be manipulated and dumped by large wallet holders. Moreover, if conspiracy theories are to be believed, some also suspect the disgraced crypto tycoon, Sam Bankman-Fried, to be behind all this — as the creator of the now-defunct FTX exchange was very much involved in Solana’s (SOL) development & ecosystem.

Read More: What’s Making Cardano (ADA) Price Rally Over The Likes Of Dogecoin & XRP?

The price of memecoin had recently increased due to the announcement of its coin burn, in which the developers stated that all the five trillion BONK tokens which were allotted to them had been destroyed. Given the current volatility in the cryptocurrency market, it’s hard to say what the future holds for BONK’s price. Since BONK has recently shown evidence of being in decline, many onlookers have projected that it would eventually fall to ground.

As things stand, the price of Bonk (BONK) is currently being traded at $0.000001610. This represents a decrease of 2% in the past 1 hour, in contrast to its 40.11% slump during the last 24 hours, as per crypto market tracker CoinMarketCap.