Bonk Soars Up 1000% In The First 3 Days Of 2023

Key Points:

• Dogecoin rival Bonk experienced tremendous growth, increasing by over 1000%. Token details are not provided much.
• Bonk’s airdrop, which represented 50% of its token supply, most likely sparked a lot of community interest. Since trading began on December 29, the token has seen increases of over 1500%.
• 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.

Dogecoin now has a new rival, Bonk. The performance of the meme coin is remarkable, as, in the first 3 days of 2023, it has increased by 1000%.

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.

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Harold

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