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Meme coins are a type of cryptocurrency that, as their name suggests, are motivated by memes, interesting images, videos, or other types of media. The most common and well-known examples are Shiba Inu and Dogecoin.
Traders are piling into BONK, boosting its price by triple-digits in the last 24-hours and possibly hinting at a trend reversal in Solana price.
Solana's SOL token has been jumping in the past 24 hours, while other cryptocurrencies like bitcoin (BTC) and ether (ETH) are trading sideways. This comes as interest in the Solana community is swirling around the decision by the newly launched shiba inu-themed token Bonk (BONK) to do a large airdrop.
Meme cryptocurrencies rose to prominence during the 2021 bull market, recording a meteoric surge in value led by coins such as Dogecoin (DOGE). However, across the last year, the value of most meme coins slumped significantly as the general market experienced a sell-off.
The launch of the Shiba Inu [SHIB] – themed token, Bonk [BONK] and its decision to conduct an airdrop benefitted Solana. SOL ranked as the best-performing cryptocurrency asset in the last 24 hours, data from CoinMarketCap revealed.
The Shiba Inu-inspired crypto rallied as much as 2000% in the past week despite slumped crypto prices.
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Solana's price has risen 15.68% on Coinmarketcap charts. Over the last 24 hours, trade volume has increased 182% and market capitalization 15.7%.
The hot meme coin on Solana – BONK- is up over 2000% since its all-time low five days ago. The meme coin that helped boost Solana price last week, announced that it has burned five billion coins, maintaining its hype in the market.
Crypto exchange Bybit on Wednesday announced that it's listing Solana's meme token BONK. The decision to immediately list the BONK token came amid the massive demand for the meme cryptocurrency by the crypto community.
The price of Solana-based meme token Bonk (BONK) has risen by 90% in the past 24 hours, with the new Shiba Inu-styled altcoin launching at the end of December following a large-scale airdrop. The cryptocurrency is also up by a whopping 2,200% since going live, creating a serious expectation that it's the next big thing in dog-related meme tokens.
The crypto bulls are trying their best to get the market back on a bullish track and recover. However, there is one altcoin that has excelled in the bullish momentum.
Solana (SOL) has soared more than 17% over the past 24 hours as a newly launched dog themed Solana-based token
Solana price has rallied nearly 40% in a week amid the hype regarding Solana's first meme token BONK. Meme token BONK relies on the airdrop to Solana NFT, anti-Alameda Research sentiment, and the revival of Solana DEX culture to improve the community.
BONK was airdropped to Solana developers, creators, and NFT holders, and is up 58% today alone.
Solana is emerging as an early winner as crypto investors begin to plan out their trading strategies for 2023 and aim to recoup losses from the previous year. Backed by disgraced crypto mogul Sam Bankman-Fried, the Solana (SOL) price saw record-breaking depreciation in value in the months leading up to New Year's eve.
The price of Solana has been skyrocketing, whereas the rest of the market is quiet. Will the new dog coin, Bonk, save the ecosystem in 2023?
Sunny days come unexpectedly for Solana as the dog-themed Bonk coin comes to the rescue.
