• BONK, a meme coin on the Solana ecosystem, recently experienced a surge in its price, reaching an all-time high of $0.0000049.
• However, the hype has now died down, with BONK falling more than 50% in 24 hours, dropping back to its original price of $0.000002.
• The downturn in price has also seen the surge in Solana slow down significantly, with BONK recording over 53% losses in the past day and SOL recording small gains of 0.17%.

The meme coin BONK has been the talk of the town in the Solana ecosystem since the start of the new year. In less than two weeks, the coin had gained massive attention from investors, rising from obscurity to become the largest meme coin on the Solana ecosystem. This was met with a surge in its price, reaching an all-time high of $0.0000049 on Thursday when the hype was at its peak.

However, the hype seems to have reached its peak, with the coin now experiencing a downturn in its price. In the past 24 hours, BONK has lost more than 50% of its value, dropping back to its original price of $0.000002. This was after the coin had recorded a more than 4,000% return rate in a 10-day period, reaching a market cap of over $200 million.

The downturn in price has also seen the surge in Solana slow down significantly, with BONK recording over 53% losses in the past day and SOL recording small gains of 0.17%. This is not surprising, considering that the coin has no real utility and eventually, the sell-offs dragged its price back down. Being a digital currency driven by purely social sentiment, this was expected to happen, just like it did with predecessors such as Dogecoin and Shiba Inu.

It remains to be seen whether BONK will be able to weather this storm and come back up, or if it will follow the same path as Shiba Inu and other meme coins. However, with the downturn in its price, it may be wise for investors to get out of the crypto before the situation worsens.