Solana's Meme Coin Drops From All-Time Highs By Over 40%: Analyst Says 'Late Bulls Punished On BONK'

BONK (CRYPTO: BONK), a relatively new dog-themed cryptocurrency, has surged almost 1,000% in just a matter of weeks as the broader Solana (CRYPTO: SOL) ecosystem gains momentum. 

What Happened: Analysts, however, are warning that late investors in BONK are being punished as the coin suffers from significant volatility.

Pentoshi, a pseudonymous cryptocurrency analyst, said on X that “late bulls [are being] punished on $bonk”, noting that the coin had experienced a sharp drop of almost 50%. Despite the slump, BONK is still up 35% over the last seven days and 400% in the past 30 days.

The coin has been gaining popularity over the past few weeks, reaching a new all-time peak last week of $0.00003416. However, the latest data from CoinGecko shows that BONK’s current price has fallen to $0.00001968, a drop of almost 42% in just a few days.

Last week, Pentoshi had warned of the coin’s volatility, stating, “You'll be able to buy $bonk 50% lower than its current price within 4-6 weeks. Even if it goes higher first.”

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Another cryptocurrency analyst, Michaël van de Poppe, also suggests that BONK may soon undergo a correction.

"The bull market is barely under way and $BONK is doing a 200x. In the meantime, $SATS, $RATS, and similar tokens are following $BONK in their footsteps. Mental, but good signs that the market sentiment has shifted. Does it mean you should buy these? I wouldn’t at this point," he tweeted.

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