Solana Shakeup: BONK Dips 10%, SILLY Rockets 43%, Tokens Face Pullbacks
BONK, Solana's Top Memecoin Slides 10% today as several tokens on the network recorded pullbacks after weeks of surging prices. However, SILLY memecoin defied the odds to rise 43%.
Uno…
Solana's top memecoin, BONK, fell more than 10% in the last 24 hours as several cryptocurrencies on the network declined after weeks of pumping. Despite the drop in prices, trading volume on Solana decentralized exchanges increased to $1.447 billion in the last 24 hours.
Per data from CoinMarketCap, BONK dropped as low as $0.00001432 earlier today before it recovered. Still, the memecoin is down 8% in the past 24 hours and has shed 25% of its value in seven days.
The pullback results from traders selling their holdings to make a profit. Several early investors have made massive profits on their holdings due to the surge in value over the past few weeks. Despite BONK being down today, the memecoin is still up 300% in the past 30 days and has gained more than 7000% in three months. But its decline means those who bought it late are currently holding at a loss.
Other Solana-based Tokens Falter
Meanwhile, it was not only BONK that declined today. Other tokens on the network that have been high-flying for most of the month also recorded pullbacks. Dog-themed memecoin Dogwifhat fell by 15% before a rebound. The token is down 18% in the last seven days and has shed most of the gains since its launch.
The native token for decentralized exchange Orca equally fell more than 9% today. Even though it has recovered a bit, it is still down 2% in the last 24 hours and 14% in seven days. JitoSOL JTO also recorded a slight drop in value.
However, the biggest decline was for ANALOS; the memecoin fell more than 50% today, and its recovery has not helped. It's still down over 40% on CoinMarketCap. Its fall isn't totally surprising. One of the earliest buyers of the token sold 14.5 billion ANALOS today for $3.4 million USDC after acquiring 16 billion tokens for 30 SOL ($2,220) six days ago. Given the timing of the acquisition, the trader is likely an insider. The recent performance of tokens in the Solana ecosystem has attracted several rug-pull projects.
SILLY Records Massive Gains
Meanwhile, one token not affected by today's pullback is SILLY. The memecoin rose 43% in the last 24 hours and continues a positive performance that has seen it gain more than 127% in 30 days. Lookonchain reported that a trader made $2 million within 22 days after starting with just 1.5 SOL ($92).
The trader bought 43.1 million SILLY for 1 SOL five minutes after it started trading and sold 33.34 million of the tokens for $528k. They currently hold 9.7 million worth $1.5 million.
