Bonk token is back in the news after it made a major breakthrough at the Solana network with its magical bullish trend. The Solana-based meme token became a reference point in the crypto industry after its sensational run in the market.
Many claim it was crucial for reviving activities in the Solana ecosystem. Remember that Solana was involved in a massive FUD that threatened its users and existence. The creation of the Bonk token and its bullish run brought several users back to the network.
Right now, Bonk is through with its bullish trend — At least for now. But what next for the meme token?
Last week, the token experienced a major downturn in its price, slashing Bonk's price by more than 31%.
Bonk Team Hope For Another Price Surge
Despite the slash in Bonk's price, its developers are still hopeful that the token will bounce back.
According to the developers of Bonk, their token burn event positively affects the meme coin's deflationary tendencies. The team even compared it with Ethereum, saying it could be on the same level as ETH in deflationary tendencies. Last year, with the activation of the London hard fork, Ethereum became a full-blown deflationary asset.
The burn event of Bonk has made the token even more deflationary than Ethereum by more than 200%. The developers of this token made this bold claim on Twitter, saying, "Based on last week's burn rate, $BONK is currently over 200x more deflationary than $ETH. More burn mechanisms and utilities are being added every day by the $BONK community, with a hackathon track specifically for $BONK burning utilities coming soon!"
Bonk had been making a muted recovery after falling prices dramatically by more than 31% last week. Many investors expect the token to pick up if it wants to stay relevant in the crypto market. Bonk created a lot of sensation in the crypto market, driving many investors to go "FOMO mode" and buy as many Bonk tokens as possible. In the past 24 hours, the Bonk token has been within the price range of $0.000001152 and has increased by about 2%.
Next Steps for the Sensational Bonk Token
Many investors are expecting the Bonk token to do more than increase by 2% at the moment. Within the period when Bonk was the media's favorite token, many had seen it as another pump-and-dump token. This claim is proving to be true.
From the time the token was launched till now, its price is gradually decreasing; Bonk became the center of the brisk bull market of 2023. It was even credited as the driving force behind the revitalization of the Solana blockchain.
However, the hype behind the token is falling off as the day goes by. Many have pointed out their claims that the Bonk token is another meme coin with no utility. It wasn't as if the Bonk token didn't have its plans: its developers had initially planned to make the token displace other meme coins such as Dogecoin and Shiba Inu.
Those behind the project have to create a more defined utility in its ecosystem if they want Bonk's price and market value to increase.