Dogecoin Killer BONK Drives Solana (SOL) Price Up
Within days of entering 2023, Solana (SOL) has risen as Bonk, a new memecoin, revives community interest.
In the months before the new year, disgraced crypto billionaire Sam Bankman- Fried Solana's price fell to a record low. The SOL coin has surged by over 22% in a few days as 2023 approaches.
As the new memecoin, Bonk, reignites flagging community interest, the price of Solana (SOL) has surged within days of entering 2023.
As cryptocurrency investors start to plan out their trading plans for 2023 and attempt to make up losses from the previous year, Solana is emerging as an early winner. The Solana (SOL) price, which was supported by disgraced crypto tycoon Sam Bankman-Fried, suffered a record-breaking decline in value in the months preceding the new year. But as 2023 approaches, the SOL token has suddenly increased by more than 22% in just a few days.
Price Jumps For Solana (SOL) On BONK News
Last week, the price of Solana (SOL) dropped to a level not seen since February 2021. The altcoin's price improved by more than 12% in the last twenty-four hours on Tuesday, following more than nine days of continuous declines that reduced the price to about $8 on Friday.
The 15th-ranked cryptocurrency saw its price rise significantly thanks in large part to BONK, a new memecoin with a Japanese guard dog theme that also experienced a recent bull run of 380% gains since its launch. The SOL blockchain's Shiba Inu impersonator (SHIB) has generated a lot of buzz and is presently trending on Crypto Twitter.
Greater Market Acceptance of BONK
Due to the massive migration of developers to the Ethereum (ETH) or Polygon (MATIC) networks, Magic Eden, the largest NFT store on the Solana network, is presently thinking about incorporating BONK. Magic Eden, enthralled by the most recent canine memecoin fad, tweeted about whether or not they ought to adopt the just-created cryptocurrency with a Solana-based base.
The unexpected rise in popularity of the new memecoin has been well received by the cryptocurrency world as a whole. The SOL token's price has also been boosted by the availability of free airdrops of the BONK token from a number of well-known crypto personalities and NFT collectors.
BONK Aids Solana's Sinking
The on-chain volumes of Bonk have surpassed $19 million over the past twenty-four hours. As of Tuesday, more than 85,000 investors have purchased Bonk since it was initially issued on December 25, giving it a market value of almost $93 million. The data gathered over the last week shows that users have used bonk tokens in more than 500,000 transactions.
Additionally, the announcement that the MEXC cryptocurrency exchange would list the Bonk token for trading with a USDT pair on Tuesday has piqued both traders' and investors' attention.
The Solana (SOL) price is now trading at $13.85, according to the current situation. According to cryptocurrency market tracker Coingabbar, this implies an increase of 4.62% over the last hour as opposed to an enormous 2% during the previous 24 hours.
