SOL Up by 30% as SHIB-Inspired BONK Surges

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Editing by Nathaniel Cajuday

  • $SOL experienced at least a 30% increase in the early days of 2023 since the launch of $BONK, a Shiba Inu-inspired meme coin in the Solana blockchain, last Christmas.
  • According to ORCA’s data, the BONK/SOL pair has conducted over $14 million in trading volume, while the BONK/USDC pair has recorded over $6.2 million.
  • $BONK is still surging continuously as it recorded a 38.8% rise for the last 24 hours.

The first dog-themed token in the Solana blockchain, Bonk Coin (BONK), modeled after the meme coin Shiba Inu (SHIB), has been going up in value since its launch last Christmas. Following its price surge, the value of Solana (SOL) also increased by more than 30% in the first few days of 2023.

“Bonk is the first Solana dog coin for the people, by the people, with 50% of the total supply airdropped to the Solana community. The Bonk contributors were tired of toxic ‘Alameda’ tokenomics and wanted to make a fun meme coin where everyone gets a fair shot,” the developers of the Bonk coin stated on its website. As of 12 p.m., BONK is trading at $0.00000268 and was up by 30.6% for the last 24 hours, according to the data from CoinGecko. At launch, the token was able to go up by 150% in 24 hours alone. 

With 50% of the 100 trillion BONK minted tokens given to its community, the hype and rapid trading volumes for the token commenced, and the Solana-based decentralized exchanges (DEXs) were able to attract over $20 million in volume for trading pairs involving $BONK.

According to ORCA’s data, one of Solana’s DEXs, the BONK/SOL pair has conducted over $14 million in trading volume, while the BONK/USDC pair has recorded over $6.2 million.

$SOL’s price rallied above $14 on January 4, a quick recovery from its recent fall, where it fell below $10 for the first time in almost two years—a 96% decrease from its all-time high trading value of $259.96 in November 2021. (Read more:  Solana Sinks Below $10 for First Time in Nearly Two Years)

Aside from the release of BONK, Solana also increased in value a few days ago after Ethereum Founder Vitalik Buterin complimented the ecosystem and stated that there is ”an earnest smart developer community in Solana.” (Read more: After Receiving Positive Remarks from Ethereum Founder, Solana Now Back Above $10)

Currently, as per CoinGecko data, $SOL is only up by 0.2% but still trading in two digits at $13.20.

Last year, SOL was affected by the fall of FTX—triggered by Coindesk revealing its unbalanced asset sheets as well as the push-and-pull deal with Binance. The former CEO and founder of the exchange, Sam Bankman-Fried, was a supporter of Solana and had invested in both the coin and its ecosystem; he is now under investigation in the United States. (Read more: What Happened? BlockFi Files for Bankruptcy Amid FTX Crypto Contagion)

Moreover, Solana’s two top non-fungible token (NFT) collections also left the platform and migrated to other blockchains. Its top collection, DeGods, will be moving to Ethereum, and y00ts, the second-top collection, will be moving to Polygon in the early first quarter of 2023. (Read more: Top Solana NFT Collections to Set Foot in Ethereum, Polygon by 2023)

This article is published on BitPinas: SOL Up by 30% as SHIB-Inspired BONK Surges

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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