Benzinga - BONK (CRYPTO: BONK), a relatively new dog-themed cryptocurrency, has surged almost 1,000% in just a matter of weeks as the broader Solana (CRYPTO: SOL) ecosystem gains momentum.
What Happened: Analysts, however, are warning that late investors in BONK are being punished as the coin suffers from significant volatility.
Pentoshi, a pseudonymous cryptocurrency analyst, said on X that “late bulls [are being] punished on $bonk”, noting that the coin had experienced a sharp drop of almost 50%. Despite the slump, BONK is still up 35% over the last seven days and 400% in the past 30 days.
The coin has been gaining popularity over the past few weeks, reaching a new all-time peak last week of $0.00003416. However, the latest data from CoinGecko shows that BONK’s current price has fallen to $0.00001968, a drop of almost 42% in just a few days.
Last week, Pentoshi had warned of the coin’s volatility, stating, “You'll be able to buy $bonk 50% lower than its current price within 4-6 weeks. Even if it goes higher first.”
Late bulls punished on $bonk50% down
The same can happen to late bears though https://t.co/PhS3MqdY63 pic.twitter.com/INT1Pe2Pgb
— Pentoshi