Crypto investors are starting to plan their trading strategies for 2023. Most investors aim to recoup the previous year’s losses. At this point, Solana and a Solana-based altcoin came to the fore. Recently, Solana and meme coin BONK have been in the spotlight with their spikes. Here are the details…
It’s not DOGE, it’s Solana and this altcoin is up
cryptocoin.com As we have reported, the Solana (SOL) price has seen record depreciation in the months leading up to the new year as it is backed by Sam Bankman-Fried, founder and former CEO of FTX. However, the SOL token has gained more than 22 percent in just a few days as it enters 2023. The price of Solana (SOL) hit a new low not seen since February 2021 last week. After more than nine days of consecutive losses, it pushed the altcoin price to roughly $14.
On the other hand, BONK, a new meme coin with a Japanese watchdog theme, has seen a bull run with 380% gains recently since its launch. According to the experts’ comments, BONK was the main driver behind the price increase of the 15th-ranked cryptocurrency Solana. BONK, the DOGE, SHIB-like meme coin running on the SOL Blockchain, has created a huge stir in the market.
BONK enables the community to “revenge” on Sam Bankman-Fried
As a result, Bonk Coin (BONK) allowed Solana to regain momentum following the collapse of FTX and its subsequent impact on SOL. It is worth noting that this is a community coin. According to the project, the community members contributing to Bonk were people fed up with the toxic “Alameda” token economy. They wanted to make a fun memecoin where everyone gets a “fair chance”. Bonk Coin’s ecosystem includes a decentralized application (DApp) that allows users to pay BONK in exchange for “banging” a picture of Sam Bankman-Fried on the head with a baseball bat. Moreover, thus, it burns some of its tokens.
50 percent of the total BONK token supply has been airdropped to Solana holders, and at the time of this writing, BONK has a market cap of $51 million. BONK was launched at a price of $0.000000086142 and jumped to $0.00000127 in about five days, marking a rally of about 1.374 percent. The new Solana-based DOGE clone has dropped slightly since then. It is currently down about 39 percent from its all-time high. However, it is still trading at 957 percent above the launch price.
As a result, Magic Eden, the largest NFT market in the Solana network, is currently considering integrating BONK into the network.