- BONK declined by over 7%.
- Social volume and dominance also declined.
According to a recent post by CoinMarketCap, Bonk [BONK] achieved recognition by making it to the list of top trending coins.
The dog-themed memecoin secured the second position on the list of trending assets for the week, marking a promising start for the asset.Â
However, this popularity might be waning, as evidenced by changes in price and other key metrics, notably a market cap decline of over 3% in the last 24 hours.
At the time of writing, the market cap stood at around $1.5 billion.
Bonk sees a slide in social dominance
Analysis of BONK’s Social Dominance on Santiment revealed a recent decline in its trend. After surging to around 0.5% on the 24th of April, there has been a significant downturn.
At the time of writing, the Social Dominance stood at approximately 0.22%. This indicated a decrease in the percentage of Bonk’s presence in crypto discussions, as it fell below 1%.Â
Source: Santiment
Similarly, an examination of its social volume showed parallel declines. On the 24th of April, it peaked at 133 but had declined to around 19 at the time of writing.
BONK hit by 7% decline
Until press time, Bonk experienced a notable setback in value. AMBCrypto’s examination of its daily timeframe chart revealed a decline of over 7%, with its trading price around $0.000023.
Despite this downturn, it remained within a bull trend, as evidenced by its Relative Strength Index (RSI). As of this writing, the RSI was above the neutral line, but a sharp decrease is noticeable.
If the RSI crosses below the neutral line at 50, it would signify a transition into a bear trend for BONK.
Source: TradingView
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Negative sentiments dominate the derivative front
BONK’s Funding Rate analysis on Coinglass revealed a negative value of -0.0087% at press time. This indicated a dominance of sellers in the market, suggesting an expectation of a further price decline.
Additionally, it underscored the prevailing negative sentiment surrounding Bonk at this time.
