Why is BONK Down 15% Today? Solana Ecosystem Tokens Witness Profit-Taking After Rally

Investors are looking to book profits on BONK BONK/USD and other tokens of the SOL ecosystem.

What Happened: The Solana SOL/USD ecosystem tokens have been facing a dull week, indicating investors are profit-taking after a significant bull run in native tokens from other major projects.

Price Action: In the past 24-hour trade, BONK is trading 14.6% down with trading volumes up 60.9% in the same timeframe. This takes its seven-day losses to 17.7%. However, the token witnessed a triple-digit surge of 327% in the past month.

Besides BONK, dogfight WIF/USD was down 8% in the past 24 hours, while hyped token Analos ANALOS/USD plunged 64.2%. Jito’s JTO/USD traded 4.7% down while Orca's ORCA/USD was lower by 5.8%. However, in the past 7-day trade, ANALOS, JTO, and ORCA reported 11.6%, 5.7%, and 9.4% drop respectively.

ORCA and JTO saw a 193% and 50% gain in the past month's trading while WIF saw a 26% surge in the past seven-day trade.

In the past month, Solana has reported a 101% surge compared to crypto majors Bitcoin and Ethereum which posted 17% and 14% gains respectively. Overall, SOL is trading 5.6% down in the past 24 hours with volume narrowing by 23.8% simultaneously.

Also Read: Solana's Network Activity Soars As It Breaks $100 Mark

Why It Matters: Based on DefiLlama data, Solana’s total value locked, as of Dec. 27, stood at $1.47 billion compared to $690.83 million as of Dec. 3. This represents around 26% of all DEX trading volumes across the crypto space ($52.73 billion). 

Compared to Ethereum ($28.03 billion), Arbitrum ($2.4 billion) and Tron ($8.04 billion) the Solana TVL is significantly higher.  

BONK and SHIB have a similarity in performance with the entry being a significantly bull run and later struggling to maintain its high levels.

Notably, BONK’s maximum supply stands at 100 trillion BONK tokens while its circulating supply is at 60.8 trillion BONK. The total supply of the token stands at 93.9 trillion. 

Read Next: Anonymous Crypto Trader Uses 30 Solana Tokens To Buy Analos Memecoin In 'Pivotal Week'