The value of Solana has been skyrocketing, whereas the remainder of the market is quiet. Will the brand new canine coin, Bonk, save the ecosystem in 2023?
Memecoins led the bull rally in 2021, with the likes of Dogecoin and Shiba Inu making new highs. The market is but once more witnessing a brand new memecoin gaining reputation within the preliminary days of 2023.
The first native Solana canine coin has sparked the neighborhood’s curiosity within the ecosystem. While the general market is buying and selling flat, the worth of Solana has spiked by over 63% inside every week from a low of round $8.
What is Bonk?
Bonk has taken the crypto market by storm with its airdrop. 50% of the token provide is airdropped to the Solana neighborhood consisting of particular person NFT holders, Openbook merchants, Solana artists, and Solana builders, based on the official website.
The canine token has already attracted numerous marketplaces and exchanges. Magic Eden, {the marketplace} on Solana, teased integrating Bonk. Huobi listed the coin immediately; spot buying and selling will begin when the deposit quantity meets the demand of market buying and selling.
The Solana Lifeline?
The FTX collapse impacted the Solana ecosystem hardest, with Alameda Research being one of many largest holders of Solana. The Bonk web site states, “The Bonk contributors were tired of toxic “Alameda” tokenomics and needed to make a enjoyable memecoin the place everybody will get a good shot.”
The challenge goals to convey again liquidity to the Solana ecosystem, which fell off a cliff after the collapse of FTX. According to knowledge from DefiLlama, the Total Value Locked (TVL) is down by practically 80% since Nov. 6. The Solana ecosystem had a TVL of $1 billion, however as a result of FTX fallout, it at the moment stands at virtually $200 million.
The neighborhood is bullish and feels that Bonk is the lifeline for Solana. But, with each new token itemizing comes the best threat. There must be extra background concerning the challenge or its group, which is lacking. Investors ought to do their very own analysis earlier than placing their cash on this extremely risky market.
According to knowledge from CoinMarketCap, Bonk is up 132.94% in 24 hours. The buying and selling quantity in decentralized exchanges alone is over $21 million, up by 910% immediately.
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Disclaimer
BeInCrypto has reached out to firm or particular person concerned within the story to get an official assertion concerning the latest developments, but it surely has but to listen to again.
