Solana Price Up 24% as New Doge Coin BONK Gets Community Buzz

New dog-themed token BONK was airdropped to Solana developers, creators, and NFT owners last week, and the BONK price was up about 69% in the last 24 hours.

Hype Around New Dog Coin BONK Sends Solana Price Soaring

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 price rebounding dramatically from its recent drop to nearly $8, and the reason for the buzz appears to be a new dog-related token called BONK.

Solana is up about 24% over the last 24 hours to a price of about $13.90 as of this writing, per data from CoinMarketCap, with a weekly gain of around 25%. The coin is currently the number one trending crypto on CoinMarketCap.

Much of the chatter and hype in the Solana ecosystem over the last days has focused on the rise of BONK, a new launched 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.

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 69% over the last 24 hours to a current price of $0.0000012, according to CoinGecko, with over $21 million in trading volume over the span and a market cap of almost $69 million. Earlier this morning, BONK showed a more than 100% day-over-day rise as the coin’s price kept surging.

It’s arguably the brightest sign that the Solana market has seen in the last two months, since the early November collapse of cryptocurrency exchange FTX torpedoed SOL’s price and dampened enthusiasm in the space.

SOL traded for as much as $37 just before FTX’s liquidity crisis, and FTX’s close ties to Solana apparently crashed its price harder than other leading cryptocurrencies like Bitcoin and Ethereum. Solana fell out of CoinGecko’s top 10 coins by market cap and briefly crashed out of the top 20 last week as the price neared $8 for the first time in nearly two years.

Even with this week’s price rise, SOL is still down 95% from its all-time high of $260 set in November 2021. Solana’s value spiked at the end of 2021, but fell sharply last year amid wider crypto market struggles, technical issues, and eventually the added impact of the FTX collapse.

Solana developers and creators are currently rallying around BONK, but meme coins and tokens are notoriously volatile and their spikes can be short-lived. However, at this time it did help the Solana ecosystem gain momentum in a time when many crypto players believed it was doomed.

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