Doge-Themed BONK Drops 54% After Unprecedented 3,300% Gains
Solana's Doge-Themed BONK Token Enjoys a Wild Ride
It's been a wild ride for the Doge-themed BONK token this week, with the Solana-based meme coin soaring to a new all-time high before dropping by over half in the span of just 11 hours. But even with its volatile swings, BONK still managed to outperform Bitcoin and other major cryptocurrencies this week, and its surge is helping to fuel the Solana ecosystem.
BONK Goes Bonkers
BONK has been on a wild ride this week, fueled by Solana developers and aficionados who have embraced the jokey vibe and memey nature of the token. After months of declining value for SOL, BONK has been a welcome boost to the ecosystem. On Wednesday and into Thursday, the token more than tripled in price, peaking at $0.00000487 per data from CoinGecko.
But Thursday brought a sharp fall, with the token dipping as low as $0.00000223 this morning—a 54% drop in less than 11 hours. It's a familiar pattern for meme coins and tokens, which famously surge and fall based on things like social media sentiment. Other meme coins and tokens, such as Shiba Inu (SHIB), Dogecoin, and Floki Inu (FLOKI) have seen similar wild swings in the past.
BONK Bounces Back
Fortunately, BONK is already rebounding, popping back up to $0.00000315 as of this writing. And even with the sizable drop, BONK is still vastly outperforming all major cryptocurrencies this week. The token is up more than 3,300% over the last week, and still retains a 42% gain over the past 24 hours.
The surge is a boon for developers and creators building on Solana, as well as collectors of some popular NFT projects on the platform. BONK was launched last month and half of the 100 trillion token supply was airdropped for free to the community, including builders and collectors. For example, some Solana app builders who joined LamportDAO received 5 billion BONK on December 25. At the peak price last night, that stash would have been worth almost $122,000.
CoinGecko showed surging trading volume for BONK last night at a significant multiple of previous levels, with 24-hour volume peaking around $230 million overnight. It's clear that traders betting on a “degen” meme coin play were partly responsible for pushing its price to the recent peak.
The momentum around BONK is also fueling a price surge for Solana itself, which fell to a nearly two-year low of $8.17 last week. Now SOL is trading for more than $13 again, up 34% on the week. It may be a small uptick compared to its peak of $260 in November 2021, but it's still a welcome sign for the Solana ecosystem.
It may seem silly, but it's true: BONK is pumping fresh life into the Solana space at the start of 2023. And despite its volatile swings, BONK is still massively outperforming other coins this week—proving that the power of the Doge meme is still going strong.
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Solana Network Thriving Despite Foundation RPCs Offline
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Can Solana Price Reach $30? Recent Developments Could Push Coin 2x
Solana's price has skyrocketed recently as developers and users flock to the cryptocurrency. The addition of the meme coin BONK has also contributed to the surge, with its price rallying over 3,600% since launch. With the RSI at oversold levels and the MACD signaling further bullish momentum, Solana may be headed for a 2x to $30.
Cardano and Solana Surge 21% - Reentering Territory Not Seen Since November
Crypto values for both Solana and Cardano skyrocketed late Sunday, with Solana's BONK coin leading the way with an impressive 60% increase over the week. Charles Hoskinson's recent developments in Wyoming have also contributed to Cardano's success.
Revolutionizing Charitable Giving: How Change is Empowering Nonprofits with Blockchain Technology
Northwestern grads Sonia Nigam and Amar Shah created Change, a web3-based software that enables consumers to donate both crypto and fiat to over 200,000 non-profits. With the help of Solana, Change has raised over $1,000,000 and allows individuals to follow the money trail to ensure their donations are going to the right place.
Vitalik Buterin Endorses Rival Blockchain: Is Solana the Next Ethereum Killer?
Vitalik Buterin, the founder of Ethereum, recently tweeted his endorsement of Solana, a rival blockchain. His endorsement came at a pivotal moment for Solana, as the blockchain has faced some challenges in the past. Buterin believes that Solana has the potential to be a major player in the world of smart contract platforms, and with his endorsement, it's worth keeping an eye on. Could Solana be the next Ethereum killer?