Safety Shot Stock Drops 50% Following BONK Treasury Launch Announcement
Safety Shot's shares fell 50% to $0.59 after announcing the launch of its BONK treasury on August 11. Investor reactions have been negative following this development.
Key Highlights from Safety Shot's Announcement
- Strategic partnership with Bonk's founding contributors, securing an initial allocation of $25 million in BONK tokens.
- BONK touted for advantages over competitors like Shiba Inu and Pepe due to low transaction fees and high speed on the Solana blockchain.
- BONK features a burn mechanism that has historically supported price increases.
- Current price of BONK is $0.00002445, down 10.31% in the last 24 hours, with a market cap of $1.96 billion and trading volume of $535.73 million, up 18.24%.
- SHOT's price at press time is $0.56, reflecting a 51.04% decline since the announcement.
Safety Shot Stock Outlook | Source: Google Finance
The response to Safety Shot's cryptocurrency interests was unexpected given the company's focus on integrating with the crypto ecosystem.