The newly minted canine-centered memecoin BONK is having a roller coaster ride for the past few weeks since it was first introduced. The Solana-based token, which abruptly sprang from nowhere and pushed its way into the top 200 cryptocurrencies by market value, was severely impacted by a major bearish trend late on Thursday noon.

The generally-volatile crypto market has had a stunning 24-hour period, with the price of most cryptocurrencies rising significantly. With the whole crypto sector’s market valuation up 3.38% to $881.76 billion at the time of writing, the price of Solana’s viral memecoin BONK plummeted in comparison.

In spite of the fact that the Solana community has been rallying around the cryptocurrency, calling it to be “for the people, by the people,” its value has decreased by 35% in the past twenty-four hours. Given that it has significantly outperformed the market since the beginning of the year, it is not hard to relate the factors that led to its price decline.