Bonk Price Spiked by 1000% in the First Three Days of 2023

Solana’s recent surge may come from hype around Bonk, a new Solana-based dog coin that has sparked a lot of community interest. The Bonk price has skyrocketed 1000% in the first 3 days of 2023, and over 1500% since its launch on December 29.

Solana price surged as its new dog coin BONK takes off

Solana (SOL) price rebounded dramatically from its recent fall to nearly $8, up more than 20% in the last 24 hours. Reason for the buzz is a new Solana-based dog coin called BONK.

The performance of the meme coin is remarkable, as, in the first 3 days of 2023, it has experienced tremendous growth and increased by over 1000% from a price of $0.00000009625 to a new all-time high of $0.0000001249. And since the launch on December 29, BONK price has risen by over 1500%. Similar to how trading volume increased by over 2,600% to over $7.3 million in the past 24 hours.

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.

Bonk airdrop was launched lately, with 50% of its token supply airdropped to Solana developers, NFT holders and so on. Due to the massive community interests, Solana has surged by over 20% in the previous 24 hours despite larger cryptocurrencies scarcely moving, and SOL is currently the number one trending crypto on CoinMarketCap.

After losing for almost nine days in a row, SOL traded at just over $8 on Friday before soaring back above $13 on Tuesday.

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. Solana has dropped from the fifth-largest token in early November to 15th-largest.

After the launch of Bonk token, Social media users’ timelines are filled with references to this dog-themed crypto. 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.

Nevertheless, interest in the project is growing, as illustrated by Bonk’s good price performance. So much so that Bonk has been suggested as a potential platform integration candidate by Magic Eden, the largest NFT marketplace on Solana.

While Bonk is gaining momentum, it is highly likely to follow in the footsteps of other meme or dog-focused crypto tokens that have often seen draws and rapid declines with little to no rebound. However, it has assisted the Solana ecosystem at a time when many crypto players thought it was doomed to fail.

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