The market cap of Solana meme coin Bonk (BONK) has fallen by $1.8 billion in the last 30 days. This drop came amid the symbolic 34.11% price decline.

For some, the decline presents a good buying opportunity that the market hasn’t seen in a long time. However, this on-chain analysis suggests that accumulating BONK at the current price could be a risky decision.

Bonk is losing huge profits to the market

Market capitalization is calculated as the product of a cryptocurrency’s circulating supply and its price. As of November 20, Bonk’s market cap was $4.35 billion. The meme coin rallied to this value as its price joined the broader market rally and reached $0.000058.

As of this writing, its market cap has fallen to $2.55 billion, suggesting it has lost $1.80 billion since its peak in November. This decline was due to BONK’s price drop from $0.000058 to $0.000034.

The decline could also be due to the general debasement of the altcoin season, which has also impacted the price of several meme coins. If the market situation does not improve, it could also be difficult for BONK to make up for lost profits.

Another metric that points to further declines for BONK is Weighted Sentiment, which combines social volume with the tone of online discussions about a cryptocurrency.

If the metric is negative, it indicates a dominance of pessimistic conversations on social media platforms. Conversely, a positive metric indicates a higher volume of optimistic comments.

Data from Santiment shows that the Solana meme coin has been in negative territory since November 22nd. This ongoing bearish sentiment suggests that the meme coin’s value could fall further under current conditions.

BONK price prediction: Drawdown not over yet

According to the daily chart, BONK price has fallen below the $0.000035 support. Previously, this support zone was crucial in the token’s jump to its all-time high in November.

But in this case, the decline suggests that the BONK correction is not over yet. As it stands, the bears appear to be in control, even as volume continues to decline. If this continues and bulls continue to wait, the value of the meme coin could fall to $0.000025.

On the other hand, if the bulls manage to keep the value from falling below $0.000030, this trend could change. In this scenario, BONK could rise to $0.000042. In a highly bullish scenario, BONK’s market cap could reclaim $4 billion and the price could rise towards $0.000065.