The official X handle of Shiba Inu on Thursday shared a new cryptocurrency named Based Bonk. The tweet was about welcoming the newly-launched token into the meme segment. “Another hound enters the meme battlefield. SHIB dogs stick together. Welcome Based Bonk. Good to see another SHIB barking loud on Base. Dog Season just got dangerous,” read the tweet.
Just before the community started speculating that the Shiba Inu ecosystem had launched a new coin in Based Bonk, the SHIB team made it clear that it’s only a partner project and has nothing to do with SHIB. “Friendly heads-up: This post is from a partner project, not an official SHIB token. Always DYOR,” read the tweet.
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Shiba Inu-Inspired Based Bonk Meme Coin: Should You Buy It?
Based Bonk, which was promoted by Shiba Inu on X, barely received any support from the meme community. It started trading at $0.00072 and is now hovering around the $0.00062 level on Tuesday. That’s a dip of nearly 15% in a week and the token barely held up in the charts. On Tuesday’s trading alone, it slipped 13% in the indices and is attracting bearish sentiments.
The 24-hour trading volume is only $69,000, highlighting little to no buying and selling activity with marginal trading. The overall market cap stands at $623,000 and is yet to cross a million. The circulating supply is 1 billion tokens, and with the limited trading activity, the meme coin would never go scarce. Therefore, it would hardly meet the supply and demand mechanism as scarcity is not in the picture. Based Bonk does not enjoy the blind support that Shiba Inu received to even keep it alive and afloat in the indices.
Also Read: The Hard Truth: Shiba Inu May Slump Longer Than Expected
In conclusion, while all parameters point towards weakness for Based Bonk, the meme currency segment walks its own path. There are countless examples where meme coins, including Shiba Inu, have defied market technicalities and soared much higher in value. Nobody can tie meme currencies to a pole and dictate their price action. The risk is now on the user, and it’s best to do thorough research before taking an entry position in the token.
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