Solana Surges 16% as Doge-Themed SHIB Rival BONK Takes Off
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You can tell that things have really changed in the Solana space when a price around $13 is seen by investors and supporters as a cause for celebration. But that’s the case today with SOL rebounding sharply from its recent fall to nearly $8, and the cause for this week’s buzz appears to be a new dog-themed token called BONK.
Solana is up 16% over the past 24 hours to a price of about $12.90 as of this writing, per data from CoinGecko, with a weekly gain of 19%. Earlier this morning, Solana hit $13.21, but has come down slightly since that seven-day peak.
Much of the chatter and hype in the Solana ecosystem over the last days has focused on the rise of BONK, a Solana-based token with the same kind of “doge meme” theme as Dogecoin (DOGE) and the Ethereum-based token Shiba Inu (SHIB).
BONK launched in late December with a large-scale airdrop, with free tokens sent to the wallets of a wide array of Solana developers and NFT collectors. This included developers that joined LamportDAO, a hub for Solana builders, as well as owners of NFTs from projects including DeGods and Famous Fox Federation.
Overall, 100 trillion BONK tokens have been minted. According to the BONK website, 50% of the total supply has been airdropped to developers, NFT owners, creators, and artists, with a chunk of the remaining supply also locked into vesting contracts for BONK contributors.
nothing makes me happier than seeing solana users having fun. and boy are they having fun right now.
keep it positive, inclusive, welcoming, aggressive, and fun! and the rest will work out in 2023.
Following holiday airdrops that began on December 25, BONK has become the growing focus on conversation and development among Solana developers and users on Crypto Twitter. Projects are building with BONK and integrating the token, and the growing use and excitement appears to be fueling a surge in both BONK’s price and SOL’s own value.
BONK is up 58% over the past 24 hours to a current price of $0.00000105, according to CoinGecko, with nearly $20 million in trading volume over the span and a market cap of almost $58 million. Earlier this morning, BONK showed a more than 100% day-over-day rise as the coin’s price kept surging, but the momentum has softened since.