The cryptocurrency BONK continues to lose value following a sharp rise in July. Meanwhile, competitor Pump.fun strengthens its position in the Solana market.
BONK Price: Decline After Peaks
In July, the BONK token reached $0.000040, but by August it has declined by 13%, now standing at $0.0000219, erasing much of the July momentum. Analysts note that this price pullback confirms a bearish trend on the daily chart. Instead of buying the dip, many holders seem to be locking in profits, indicating a decrease in investor confidence.
Pump.fun: New Leadership in Solana Market
Market dynamics on Solana have also changed. On August 6, Pump.fun logged a trading volume of $100.7 million in 24 hours, compared to Bonk_fun's $70.6 million. Pump.fun was able to launch 16,000 tokens, surpassing Bonk_fun's 11,400. Activities such as a $33 million buyback further boosted Pump.fun's token price by 20%.
BONK Developers' Response to Market Changes
The developers behind BONK are looking to implement new features such as a 'Points Tab' rewards system to enhance interest in the token and increase trading volumes. However, most analysts note that Pump.fun continues to command liquidity in the market, which makes it challenging for BONK to regain its former positions.
In conclusion, the cryptocurrency BONK is facing challenges after its July rise, while Pump.fun is actively dominating the Solana platform. Changes in the market environment require attention from both developers and investors for appropriate responses.
