BONK Faces Major Drawdown, Subtle Revival Plan Plotted

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Solana’s star meme coin, BONK, is facing a major drawdown today, a sustained reversal that has stumped its eclectic growth since the start of this month. At the time of writing, BONK is changing hands for $0.00002116, up 1.06% in 24 hours, an uptick achieved after the token had dropped by more than 10% earlier in the day.

While price gains and falls are considered a major part of a coin’s growth, BONK has a subtle plan that might help achieve a major reversal in its price trends. The digital currency unveiled its Santa fest, which entails several activities users need to engage in to be eligible for rewards this holiday season.

Some of the listed activities include making a purchase within Silicon Valley Bonk through an eligible wallet, depositing at least 1 SOL in BONKbot through an eligible wallet and interacting with BONK Swap in three ways, including token swapping, DeFi routing and DCA utilization.

The activities also include downloading the BONK dApp on Solana’s mobile phone Saga and playing some of the games there. The free BONK for users can be claimed through the dApp via the Saga Genesis Pass.

Driving BONK utility

The goal of the Santa activity and giveaway is to boost the utility of BONK in a way that can trigger massive sentiment around the meme coin ecosystem.

While BONK is not entirely on par with Shiba Inu (SHIB) in terms of transaction count and burning activities, campaigns of this nature are essential, especially at times of a bearish takeover.

Though BONK is in a correction mode, it has pulled off different surprises all year round to guarantee some of its backers that it can achieve outstanding growth moving forward. Despite the latest sell-offs, BONK’s six-month growth is pegged at 6,414%.