Last year, the cryptocurrency world witnessed the surge of Solana‘s native token, SOL, and its meme coin, BONK, which soared, delighting investors. However, BONK has since experienced a decline. According to Coinglass, BONK’s Futures Open Interest has fallen to its lowest level in the past 10 days, indicating reduced trading activity and investor sentiment.
Starting January 10, Open Interest saw a 33% decrease, with current levels at $2.97 million. This drop in Open Interest suggests a decrease in trading activities specific to meme coins and could reflect a shift in sentiment and increased profit-taking.
Despite a recent price drop, BONK had an epic rise last year, peaking at $0.000024 on December 15, 2023. However, a shift in investor interest towards new and potentially explosive altcoins may have contributed to BONK’s value decline, with a 40% price drop since last month, according to CMC data.
The market sentiment for BONK has been predominantly negative in the first 21 days of the year. This reduced sentiment among traders could lead to fewer new positions and potentially a larger price drop for the meme coin.
Additionally, as investors exited BONK trading positions over the last ten days, the price fell. At the time of writing, BONK was trading at $0.0000118, down 18% over the past week. Despite a 20% drop last week, today’s price performance showed a 4% increase, trading at $0.00001182, bringing some relief to investors.