The popular altcoin of recent days, Solana-based memecoin Bonk (BONK), continues its impressive rise following its listing on various exchanges. The on-chain data platform Santiment issued a critical FOMO warning for the altcoin, which was recently listed on Coinbase and is expected to be listed on Binance today.
BONK has shown a twenty-fold increase over the past month and is preparing to take its place on the Binance exchange after Coinbase. The continuous rise in the altcoin’s price and the significant increase in SOL led to Santiment’s FOMO warning.
Santiment stated, “The market value of the most popular memecoin BONK increased by 116% in just the past day thanks to the Coinbase listing. BONK rose from 69th to 43rd place in the list of the biggest cryptocurrencies in the last 12 hours. If you are excited, be cautious of the overly enthusiastic crowd of investors,” they said.
FOMO can be translated into Turkish as “Fear of Missing Out” or “Fear of Being Left Out” and is defined in financial markets as the fear of missing investment opportunities or the concern of not being able to catch up with others’ gains. Investors may fear that they will not be able to catch a rapidly rising asset or investment opportunity when they see market trends and other investors’ successes.
FOMO has serious negative effects on financial decisions. Investors make hasty decisions and can experience financial losses by conducting transactions without thinking. On the other hand, BONK’s trading volume continues to rise along with its price. The latest figures show that the altcoin’s trading volume has increased by 278.2% in the last 24 hours, reaching nearly $1 billion, amounting to $999.77 million.