The past 24 hours have been impressive for the crypto market, which is experiencing a massive rebound on many fronts. And against the backdrop of this optimism, the popular meme-coin BONK suddenly (suddenly) collapsed sharply

Despite the positive developments, as evidenced by the cumulative increase in the market value of the cryptocurrency by 3.4% to $880 billion as of Thursday, the recently released BONK memcoin on the Solana blockchain has experienced a sharp depreciation compared to its competitors.

At the time of writing, BONK is trading at $0.0000009373 and has fallen a whopping 66% over the past seven days. In the last 24 hours alone, BONK has lost 6.8% of its value.

Despite initial success, the BONK memcoin ran into difficulties in the weeks following its launch. The token, which came out of nowhere and quickly climbed into the top 200 cryptocurrencies by market capitalization, was hit hard by a significant bear trend on Thursday afternoon.

It has significantly outperformed the market since the beginning of the year, following a retail buy-up that saw the dog-themed cryptocurrency pit against existing heavyweights Dogecoin (DOGE) and Shiba Inu (SHIB) memcoins.

There have been claims that wealthy investors have purchased millions if not billions of BONK tokens over the past few weeks. Consequently, Thursday’s drop came as a shock to investors with high hopes for the cryptocurrency.

This week, BONK became the latest meme token to capture the attention of traders with a massive 3300% increase. After that, the developers of the cryptocurrency burned their remaining tokens, which made up 5% of the entire supply of the BONK cryptocurrency.

Subscribe to the channel CryptoNewsHerald.com in Telegram — always fresh news and market overview