In the latest update on meme coin markets, Bonk Inu (BONK) experienced a sharp price decline of 11% within 24 hours, despite recent positive news about token burning.
BONK Price Decline Following Exchange Transfer
According to recent data, Bonk Inu (BONK) saw its price drop by 11% after the project team announced a burn of 500 billion tokens to improve investor sentiment. The token's price decreased from an intraday high of $0.00003185 and $0.00003763, ending the week in the red. The decline was triggered by the transfer of approximately $18.75 million worth of BONK to centralized exchanges, causing panic among holders and leading to a significant pullback.
Derivatives Activity and Liquidations Data
The trading volume of BONK in derivative markets saw a significant decline of 34.17%, dropping to $583.41 million, while open interest slightly decreased by 0.65%, landing at $59.6 million. The 24-hour long/short ratio stood at 0.9826, indicating a balanced sentiment among traders. A total liquidation of $1.21 million was recorded in the last 24 hours, with $1.08 million attributed to long positions.
LetsBonk Leads Solana Launchpad Revenues
Within the Solana ecosystem, the LetsBonk platform led launchpad revenues, generating $1.57 million, nearly quadrupling the amount earned by Pump.fun at $280,864. The overall revenue from Solana launchpads was $2.27 million on Thursday, with LetsBonk accounting for nearly 70% of the market share.
The situation with Bonk Inu (BONK) highlights how volatility and external factors can significantly affect the meme coin market. It remains uncertain how future changes will impact investor sentiment.
