Key Notes
- Safety Shot stock price tanked by over 50% shortly after announcing the launch of its BONK treasury.
- The Nasdaq-listed firm’s share price is currently trading at $0.56.
- BONK price has also recorded a 10% dip within the same period.
Safety Shot, a Nasdaq-listed maker of a patented rapid alcohol reducer, saw the price of its shares tank by a massive 50% shortly after announcing the launch of its BONK BONK $0.000024 24h volatility: 11.9% Market cap: $1.86 B Vol. 24h: $537.26 M treasury. Precisely, SHOT stock fell to around $0.59 in after-hours trading on Aug. 11. Investors and other stakeholders are unimpressed by the turnout of the event.
Safety Shot Highlights BONK Superiority Among its Counterparts
On Aug. 11, Safety Shot announced a strategic collaboration with Bonk’s founding contributors with the aim of integrating the company with the Bonk ecosystem. The terms of their agreement require that Safety Shot receive an initial allocation of $25 million worth of BONK tokens. Compared to its competitors, BONK seems to have clear and distinct advantages.
Safety Shot claimed that it was on this basis that it chose BONK as the core asset for its corporate treasury.
The memecoin is built on the Solana blockchain, benefiting from the core features such as high speed and affordable transaction fees. On this premise, BONK has become “highly efficient for trading and payments, giving it a significant technical edge over competitors like Shiba Inu and Pepe,” the firm said.
The aforementioned competitors are plagued by high transaction fees and slower speeds. There is also the outstanding BONK burn mechanism, which has contributed to some price gains in the past.
SHOT price has dropped significantly since this development was announced. At press time, it traded at $0.56, after a negligible uptick in the Pre-market, a move that does not negate the 51.04% dip on Monday.
Safety Shot Stock Outlook | Source: Google Finance
Ordinarily, this is not the reaction it would expect to get after such an announcement that emphasizes its strong interest in cryptocurrencies.
The memecoin has recorded some slight price gains in the last 30 days, but this is not without some fluctuations. According to CoinMarketCap, BONK price is currently at $0.00002445, following a 10.31% dip over the last 24 hours.
Its market capitalization is pegged at $1.96 billion, while BONK’s 24-hour trading volume comes in at $535.73 million, demonstrating an 18.24% increase. This suggests that several investors and traders are still engaging with the memecoin despite the broader ecosystem uncertainty.
