Investors who previously profited from meme coins like DOGE, SHIB, and PEPE turned their attention to Solana‘s new meme coin, Bonk (BONK), which experienced a significant value increase last year but recently entered a challenging phase. Despite a double-digit rise on January 1st, BONK has since faced a 25% decrease over the past week, causing investor concern, as it became one of the worst-performing crypto assets.
Currently, BONK is trading at $0.00001042, with a 6% decrease in value indicating a potential continued decline in the short term without new market information. Sentiment data reveals a shift from positive to negative weighted sentiment for BONK since December 29th, which has persisted.
Market sentiment changes have led to increased token sales, with investors favoring selling over accumulating BONK since the start of the year. This suggests a loss of foundational momentum for the coin.
BONK’s Money Flow Index (MFI) has risen from a low of 17.77 to a nearly neutral 46.88, while the Relative Strength Index (RSI) remains at 36.34. These indicators reflect prevailing uncertainty among investors, with potential for renewed demand or further price retreats.
Moreover, BONK’s Chaikin Money Flow (CMF) stands at a positive 0.15, indicating increased liquidity inflows and potential upward price pressure. Despite recent price drops, futures market investors continue to open LONG positions, suggesting support for an upcoming price rise, with a 32% increase in open interest for BONK and positive funding rates in exchanges over the past five days.