Bonk, a Shiba Inu-themed Token, Skyrockets 2,220% in a Week on Solana Ecosystem
Hey there crypto traders, looking for the next big thing to generate some returns? Look no further than Bonk, the Shiba Inu-themed token on the Solana ecosystem. This token has seen a whopping 2,220% return for traders in the past week, with a 150% increase in the past 24 hours alone. It was airdropped to Solana NFT communities and creators, causing a quick hype and increase in trading volume.
But it's not just early investors benefiting from Bonk - liquidity pools on Solana-based decentralized exchanges (DEXs) like Orca have attracted over $20 million in volume for trading pairs involving BONK, netting thousands of dollars in fees for liquidity providers. For those unfamiliar, liquidity providers are investors who stake their cryptocurrency tokens on DEXs to earn transaction fees, usually in the form of token rewards.
Data from Orca shows that the BONK/SOL pair has conducted over $14 million in trading volume, while the BONK/USD coin pair saw over $6.2 million. Both pools are paying out nearly 1% hourly to liquidity providers, or over 24% each day. This has made Bonk the most traded token on Orca, beating out even the usually popular Solana and USDC trading pairs.
But let's be real, these yields probably won't last forever. If the demand and hype for BONK slows down in the coming weeks and traders take profits, the returns will likely decrease. Still, Bonk tokens are seeing steady adoption in the Solana ecosystem, with several projects integrating them as payments for listed NFTs and introducing "burn" mechanisms for NFT-based events. Over 1 billion BONK was burned in the past 24 hours, according to tweets.
All this Bonk talk might also be contributing to the demand for SOL tokens, the native token of the Solana network. In the past 24 hours, SOL has seen a 16% increase, erasing losses from a steep decline last week. Looks like the Solana ecosystem is having a bonk-tastic time.
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