SOL, Solana’s native coin made headline news on the 9th of January 2023, following a 24% price pump. However, analysts foresee a correction.
The BONK meme coin airdrop contributed to Solana’s increase in momentum. Unfortunately, the FTX fiasco could have longer-term impacts on SOL prices, so this pump may not last.
BONK: Solana’s Own Dog Coin
BONK is Solana’s first dog-inspired meme coin. It launched on December 25, 2022.
According to its whitepaper, BONK is a Solana “community coin” that will be used “across the many great DApps” on the network.
Already, the coin has seen over 50 integrations on the network in the past 2 weeks.
Meanwhile, some analysts view BONK as a ploy to boost confidence in the Solana ecosystem after the FTX’s demise. Well, it seems to be working.
“We’re here to reward everyone that made #Solana what it is today,” wrote the team behind the Solana-based meme coin on Twitter.
The total supply of BONK is 100 trillion tokens and half were airdropped for free to the Solana community. Not only that, developers of BONK burned all their tokens (5 trillion BONK). Superb!
This caused no little buzz and the coin spiked by over 2,000%. BONK opened the year at $0.0000002 and climbed up to $0.000004 on January 5th. Thus, overriding established SHIB and DOGE rivals.
You may follow this link to stay up to date on BONK.
Will Solana (SOL) sustain this growth?
Indeed, BONK rekindled joy in the Solana ecosystem considering major drawbacks in the past few months –
- the loss of over 8 million from its wallets;
- the collapse of FTX, a major Solana investor and;
- the moving of two major NFT projects, DeGods and y00ts to rival chains.
All these sad events had negative impacts on the price of SOL. The coin plunged to single digits for the first time in nearly two years, and while many were expecting it to reach $0, BONK saved the day.
Solana (SOL) benefits naturally from increased usage of its network.
Even, Solana Labs co-founder, Anatoly Yakovenko shared a tutorial on how to use the Orca DEX to trade BONK via Twitter.
Impressively, top exchanges like Bybit, Gate.io, Huobi, and Poloniex have listed BONK.
Furthermore, the Solana development team is continuously building DApps to help onboard more global users seamlessly.
As of January 7, 2023, Solana boasts over 48,000 active developers and about 1,075 daily programs used.
Therefore, Solana (SOL) might just continue in the positive direction.
On the other hand, BONK has begun to see a downtrend, recording a 5.96% drop in the last 24 hours. So, investors are advised to do due diligence before buying.
Also read: How To Create A Meme Token (A Step-By-Step Guide)
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