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Bonk, MultiversX, Terra Classic among biggest crypto fallers
CoinMarketCap has seen cryptos Bonk, MultiversX, and Terra Classic experience larger than average losses between 17% and 18% amid shaken investor confidence.
The top faller, Bonk (BONK), is a meme coin that gained rapid popularity on the Solana network and has since seen rapid fluctuations, with a 41%, with a 20.8% reported at the end of December. Despite reaching an all-time high (ATH) of $0.00003416 per token on Dec. 15, BONK’s value plunged by 66% since its peak. It trades at around $0.00001167, down 18.8% in the last 24 hours.
Top losers today | Source: CoinMarketCapBONK is often reported alongside Shiba and Doge as a top meme coin pick, all of which are also down according to Jan. 3 reports, although less substantially.
Also on the list is MultiversX (EGLD), a token that has reported losses of 17.8% despite undergoing a new upgrade mechanism that would significantly upgrade its feature set.
EGLD currently sits at $59.12, a decrease of 16.6% in the last seven days, suggesting the ongoing downtrend is more than just a product of the negative prediction from Matrixport about spot Bitcoin ETFs.
Rounding out today’s losers is Terra Classic, which reported a 17.7% decrease today. Again, while news about Matrixport has sent the entire market down, Terra has been on a downturn all week, seeing a 20.3% increase in the last seven days, alongside news about recent network congestion.
Despite waning appetite for risk, the dip in altcoins may also present an opportunity for investors to buy the dip.