BONK dips 11% despite getting corporate treasury boost: check forecast
Main Idea
BONK's price dropped 11% despite a $25 million corporate treasury boost from Safety Shot, with potential for recovery if market conditions improve.
Key Points
1. BONK dipped nearly 12% amid a wider market sell-off, despite receiving a $25 million boost from Nasdaq-listed Safety Shot.
2. Safety Shot acquired a 10% revenue stake in Bonk.fun, committing to reinvest 90% of its revenue into BONK token purchases.
3. Bonk.fun generated over $35 million in user fees in July, becoming the highest-earning memecoin launchpad on Solana.
4. BONK's price could drop below $0.00002358 if bearish trends continue, but may rebound to $0.00003280 with positive market conditions.
5. The bearish performance occurred despite Bonk.fun accounting for over 80% of Solana’s daily new token launch market share.
Description
The cryptocurrency market had an excellent weekend but begins the new week bearish. After breaking above $122k on Sunday, Bitcoin has now dropped below $119k after losing 2.3% of its value in the last 24 hours. Altcoins are also in the red, with memecoins recording huge losses due to their volatile price actions. BONK, the native token of the Bonk ecosystem, is the worst performer among the top 50 cryptocurrencies by market cap. It is down 12% in the last 24 hours and could dip further if the be...
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