Following a week of losses and a slowdown in user activity, market watchers are attentive to whether BONK can reverse its recent trend of underperforming competitor memecoins.

Bonk's price declines as competitors see gains

The price of BONK fell ↘7% over the last week and registered a ↘2% daily decline. This performance lagged behind some memecoin competitors, as DEGEN recorded a ↗4% weekly gain and DOGE saw a modest ↗0.10% increase for the day.

User activity and trading volume decrease

Onchain data shows a recent slowdown in network engagement, with unique traders and trading volume falling ↘4% and ↘5%, respectively. This coincides with an average negative net token flow of -$1.39 million, indicating more selling than buying pressure from wallets.

Current price is well below its peak despite positive news

Despite a ↗33% gain over the last year, BONK's price remains ↘61% below its all-time high. Onchain data also shows large wallets, known as 'whales,' account for approximately 32% of trading volume, while the project previously announced milestones like achieving over 1 million token holders

and launching a new token

.