The Let’s BONK platform continues to attract the attention of crypto investors, launching over 800,000 tokens. However, the current market capitalization of all tokens shows a downward trend.
Quality vs. Quantity: Token Winners Stand Out
According to Dune, the total number of tokens launched on Let’s BONK has reached 800,342. While this is a significant figure, the platform's market capitalization has fallen from a peak of around $1 billion at the end of July to $598 million. This may suggest that many tokens are failing to find demand in the market, yet there is a rise in the average market cap per token, which has increased from $25,000 to over $231,000.
BONK Community Grows Amidst Slowdown in Token Launches
In the past week alone, 30,201 new tokens were launched on the platform, but only 430 of them successfully 'graduated.' Over the past three days, only 82 tokens have graduated out of 5,309 launched. Despite the drop in daily token launches, the BONK community is continuing to grow, adding more than 132,000 new holders in the past three months.
Conditions Needed for Token Price Growth
As of the time of writing, the price of the BONK token is about $0.00002439, down more than 12% in the last 24 hours. This price decline can be associated with the major cleansing of the crypto market, where the market capitalization has grown but failed to maintain a position above $4 trillion.
Despite the overall decline in market capitalization, tokenization on Let’s BONK continues to attract new funding. The growth of individual token capital in conjunction with the increasing BONK community may signal future developments for the platform.
