How Solana Meme Token BONK Sharp Selloff Will Impact SOL Price?

    Solana value has rallied almost 40% in every week amid the hype relating to Solana’s first meme token BONK. Meme token BONK depends on the airdrop to Solana NFT, anti-Alameda Research sentiment, and the revival of Solana DEX tradition to enhance the neighborhood. Will this Solana rally maintain regardless of the selloff in BONK tokens airdropped to Solana customers?

    Solana Price Rally Amid BONK Token Hype

    Solana suffered huge destructive sentiment attributable to relations with Alameda and FTX founder Sam Bankman-Fried. The Solana value even noticed huge selloffs in the previous couple of weeks. However, the airdrop of Solana’s first meme token BONK lifted the SOL token because the meme token was in comparison with Dogecoin and Shiba Inu, which recorded huge rallies throughout the bull market.

    BONK witnessing the best buying and selling quantity within the Solana ecosystem after USDC and SOL previously 24 hours. Several crypto exchanges resembling Huobi and MEXC Global additionally surprisingly introduced itemizing the meme cryptocurrency amid the rising neighborhood curiosity.

    However, the highest 20 holders of BONK accounted for about 50% of the whole provide, as per a Dune dashboard. Moreover, BONK DAO accounted for 15% of the whole provide and a considerable half was obtained from airdrops at zero price. Thus, the potential of a pointy sell-off is increased and will happen at any time.

    Also, a broader acceptance from the NFT market must be thought-about as it’s the driving issue behind the BONK token rally. A pointy selloff by BONK holders might trigger the SOL value to dive once more to $10.

    Also Read: Solana (SOL) Price Spikes As Dogecoin Killer BONK Gains Hype

    SOL Price Skyrockets Over 15% in 24 Hours

    Solana value at the moment trades at $13.66, up over 15% within the final 24 hours. Solana’s 24-hour high and low are $11.72 and $13.94, respectively. As per CoinGape analysis, Solana value might battle to surpass the $15 barrier, however the $15 breakout might encourage SOL to a extra 20% rise.

    Meanwhile, BONK value soared over 50% within the final 24 hours, with the present value buying and selling at $0.00000142. The 24-hour high and low are $0.000000854 and $0.000001477, respectively.

    Also Read: Top 10 DeFi Lending Platforms In 2023

    Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his data about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency business for a considerable interval and is at the moment overlaying all the newest updates and developments within the crypto business.

    The introduced content material might embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.

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