Key Points:
From December 31, 2022, to January 3, 2023, Dogecoin rival Bonk experienced tremendous growth, increasing by over 1000% from a price of $0.00000009625 to a new all-time high of $0.0000001249.
Token details are not provided much. At the time of publication, the website’s whitepaper was not linked, and little background information regarding the project was displayed on CoinMarketCap.
However, since trading began on December 29, BONK has seen increases of over 1500%. Similar to how trading volume increased by over 2,600% to over $7.3 million in the past 24 hours.
Due to the newly minted Shiba Inu-themed token BONK’s plan to produce a significant airdrop, interest in the Solana community has surged by over 20% in the previous 24 hours despite larger cryptocurrencies scarcely moving.
After losing for almost nine days in a row, SOL traded at just over $8 on Friday before soaring back above $13 on Tuesday.
Bonk’s airdrop, which represented 50% of its token supply, most likely sparked a lot of community interest. A total of 20% of the airdrop supply is going to Solana NFT collections, which include 297,000 individual NFTs, and 10% is going to artists and collectors that specialize in Solana.
Earlier because of Solana’s strong ties to Sam Bankman-Fried, the discredited founder of the cryptocurrency exchange FTX and trading firm Alameda Research, selling pressure was created.
Social media users’ timelines are filled with references to Bonk. Airdrops, giveaways, memes, and comments on preserving and unifying the Solana community at this trying time are among the topics covered in the posts. However, among the numerous posts are also covert advertisements from shill accounts.
Despite this, interest in the project is growing, as shown by Bonk’s good price performance. So much so that Bonk was suggested as a potential platform integration candidate by Magic Eden, the largest NFT marketplace on Solana.
Although Bonk is gaining momentum, it is extremely possible that it will follow in the footsteps of other meme or dog-focused crypto tokens that frequently see a pump, a rapid drop, and little to no rebound. However, in the interim, it had assisted in the Solana ecosystem’s growth at a time when many crypto players believed it to be doomed.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
Discover why Qubetics, Polkadot, and Cosmos are the best cryptos with 1000X potential, offering innovation,…
Explore the best coins to buy in December 2024—Qubetics with its thrilling presale, Polkadot’s interoperability,…
The Crypto Market Outlook 2025 highlights key areas: stablecoin growth, tokenization, crypto ETFs, DeFi innovation,…
The Bitcoin quantum computing threat is years away, but reserves already support post-quantum signatures via…
Don't miss BTFD Coin's Stage-7 presale dip! Find out why it's leading the pack of…
A WSJ survey reveals crypto hedge funds banking issues over three years, with 120 out…
This website uses cookies.