Solana price rises due to new dog coin BONKSolana (SOL) fell to its lowest level since February 2021. Even though a price increase of more than 17% was recorded in the last few days.
Experts explain the rise with the increasing interest of the Solana community in Bonk (BONK), a new meme token, which recently gave away 50% of its over 50 trillion token supply to its users. This process is known as airdropping, where a cryptocurrency sends a free supply to its customers to attract users or build community loyalty. About 20% of the total Bonk, airdrop went to Solana NFT collections, which consisted of nearly 300,000 individual NFTs.
A little reminder: BONK is the first dog-themed meme coin on Solana that is “for the people, by the people”.
Some large Solana projects have considered adopting the newly launched token from large decentralised exchanges like Orca to NFT markets like Magic Eden. Many meme or dog-focused crypto tokens can be very successful initially but suffer a rapid crash after a short time from which many do not recover. So it’s likely that Bonk will face a similar fate.
Nevertheless, Bonk has strengthened and improved the Solana ecosystem in a difficult time for the currently volatile cryptocurrency.
Solana seems to be slowly recovering, though its future remains uncertain. The token was the fifth largest at the beginning of November and has now dropped to 15th place.
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