The price of Bonk (BONK), the biggest meme coin on Solana, has declined over 10% in the past 24 hours amid a broader meme coin market downturn.
While concerning for holders, this decrease presents an opportunity for speculators to consider other Solana-based meme coins that could outperform BONK.
This article will examine BONK’s recent price action and analyze three alternative meme coins that are gaining traction and could be better buying opportunities.
Bonk Bulls Retreat as Price Rally Fizzles Out
Following the decline in BONK’s price, it appears the token’s short-lived rally has sputtered out.
After surging 44% between Wednesday and Saturday, BONK has plunged to $0.0000119 in the last 24 hours.
This represents a drop of 15% from Saturday’s peak, erasing a large portion of the token’s gains over the past week.
The selloff indicates traders who bought into the hype are now taking profits rather than holding long-term.
While social media buzz played a crucial role in BONK’s recent pump, fundamentals remain lacking for the token.
As such, without real utility, holding BONK for an extended period is a risky bet, so many traders are choosing to exit the market.
Smog Emerges as Red-Hot Solana Meme Coin After 3,000% Post-Launch Surge
Given BONK’s price drop, one Solana-based meme coin that could be poised for gains is Smog (SMOG).
SMOG made a splash last week with its launch on the Jupiter DEX, surging over 3,000% in its first three trading days.
Several factors contributed to SMOG’s incredible debut, such as the token’s fair launch, which didn’t involve a presale phase or venture capital involvement.
Smog quickly amassed a total value locked (TVL) of over $1.2 million – and birdeye.so data shows there are now more than 14,000 holders.
Secondly, Smog’s novel airdrop mechanics have captured investors’ attention.
By holding SMOG, investors can accumulate “airdrop points” towards a planned token distribution, which will see 35% of the total supply dished out to the community.
Additional airdrop points can be earned by completing certain social media tasks, like joining the Smog Telegram channel.
Thirdly, SMOG has benefited from strategic social media marketing, leading to more than 21,000 people following the project’s Twitter account.
With positive momentum still lacking for BONK, SMOG represents an alternative Solana meme coin with strong price prospects.
Investors can buy and stake SMOG tokens at smogtoken.com using the website’s widget.
Honk Makes Waves with Hilarious Goose Theme & Growing Community
Another meme coin on Solana that could be a better alternative to Bonk is Honk (HONK).
Inspired by the viral “Untitled Goose Game,” Honk leverages humor and community engagement as it competes to become the biggest meme coin on Solana.
Since its launch in January, HONK has seen remarkable growth in its market cap, surging to an all-time high of $16 million last week.
This rapid rise is attributed to Honk’s goose theme, which contrasts with the dog theme seen in most meme coins.
Honk’s price pump is also down to the enormous backing on social media, with the project seeing massive growth on Twitter and Telegram.
While the long-term viability of HONK remains uncertain, as is the case with all meme coins, the token could still have room for viral growth, given its small size relative to BONK.
Popcat’s Fair Tokenomics Set Stage for Future Growth Potential on Solana
Popcat (POPCAT) has emerged as the third viable meme coin alternative amid Bonk’s decline.
Inspired by the viral internet meme of a wide-mouthed photoshopped cat, Popcat uses the power of social media humor to drive investor interest.
Launched in December, Popcat has seen enormous volatility and reached an all-time high of $0.049 on December 22.
A key part of POPCAT’s appeal is its straightforward tokenomics structure, which features no taxes, fees, or development team allocation.
Moreover, 93.1% of the total token supply was added to the liquidity pool at the outset, allowing early adopters to benefit from stable trading conditions.
Although POPCAT is far smaller than BONK, its grassroots community building could pay dividends if meme coin mania returns to Solana.
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