Solana's Meme Coin Drops From All-Time Highs By Over 40%: Analyst Says 'Late Bulls Punished On BONK'
Portfolio Pulse from Mehab Qureshi
BONK, a new dog-themed cryptocurrency, surged almost 1,000% recently but has dropped by over 40% from its all-time high. Analysts warn late investors of volatility, with Pentoshi predicting a 50% drop in price within 4-6 weeks. Michaël van de Poppe also suggests a potential correction, advising against buying at this point despite the broader Solana ecosystem's momentum.
December 21, 2023 | 11:00 am
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NEGATIVE IMPACT
Solana's ecosystem momentum is mentioned in relation to BONK's surge, but the potential correction in BONK may reflect on Solana's perception and investor sentiment.
While Solana is not directly implicated in BONK's volatility, as the broader ecosystem in which BONK operates, negative sentiment and caution from analysts about BONK could indirectly affect Solana's short-term investor sentiment and possibly its price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70