The market cap of the Solana meme coin Bonk (BONK) has decreased by $1.8 billion in the last 30 days due to a 34.11% price decrease. While some see this as a buying opportunity, on-chain analysis suggests that buying BONK at its current price could be risky. The drop in market cap can be attributed to the decline in BONK's price and the overall weakness in the altcoin market. The Weighted Sentiment metric, which analyzes social media discussions, has remained negative, indicating bearish sentiment. BONK's price has fallen below key support levels, suggesting that the correction is not over. If bears continue to dominate and volume continues to decline, the price could drop further to $0.000025. However, if bulls can defend the value above $0.000030, the trend could change and the price could potentially rise to $0.000042 or even reclaim a market cap of $4 billion.



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