Risk-off conditions are recreating the meme coin playbook. BONK is a good example of how a mature meme can have a hard time delivering the same explosive upside once it is already widely owned and fully priced by the market. CoinMarketCap has BONK trading at around $0.0000075 and has a live market cap of close to $657.8M with a 24-hour volatility of around $105.95M. That liquidity is handy, but that also means that the next big move requires fresh capital, not just focus.