Bonk Rallies by Over 130%, Will This Token Save the Day for Solana in 2023?

Bonk Rallies by Over 130%, Will This Token Save the Day for Solana in 2023?
Cryptocurrency News
Like? Do Rank It! Likes

The price of exploded, while the rest of the market is still calm. Is the new dog room, bonk, gonna save the ecosystem by 2023?

Memecoins led the bull rally in 2021, with the likes of Dogecoin and Shiba Inu making new highs. The market is again witnessing a new souvenir piece that is becoming more and more popular in the early days of 2023. 

Solana's first piece attracted community interest for the ecosystem. While the overall market is trading flat, the price of Solana has spiked by over 63% within a week from a low of around $8.

Source: BeInCrypto

While the market is generally stable, Solana's price rose more than 63% in one week from a low of about $8.00.Source: BeInCrypto.

Bonk took the crypto market through the storm with his parachute drop. 50% of the token supply is airdropped to the Solana community consisting of individual NFT holders, Openbook traders, Solana artists, and Solana developers, according to the official website

50% of the token supply is released to the Solana community comprised of individual NFT holders, Openbook merchants, Solana artists, and Solana developers, according to the official site. Eden magic, the market on Solana, bonk's integration. Huobi listed the coin today; spot trading will start when the deposit volume meets the demand of market trading.

Solana's lifeline, isn't it?

The collapse of FTX has had the greatest impact on the solana ecosystem, as alameda research is one of the largest holders of solana. The Bonk website states, “The Bonk contributors were tired of toxic “Alameda” tokenomics and wanted to make a fun memecoin where everyone gets a fair shot.”

Bonk's website claims, "Bonk's contributors were tired of the toxic tokenomics "Alameda" and wanted to make a fun souvenir piece where everyone gets a fair shot." According to data from DefiLlama, the Total Value Locked (TVL) is down by nearly 80% since Nov. 6. the Solana Ecosystem had a value of $1 billion.

Source: DefiLlama

The community is bullish and feels that Bonk is the lifeline for Solana. According to DefiLlama, the total locked value (TVL) has decreased by nearly 80% since November 6. The Solana ecosystem had a $1 billion FTT.the is a bullish community and considers the bonk to be the lifesaver for solana. But, with each new chip registration comes the greatest risk. Investors should do their own research before putting their money in this highly volatile market.

A better understanding of the project or its team is required, and this is lacking. The trading volume in decentralized exchanges alone is over $21 million, up by 910% today.

Source: CoinMarketCap

Got something to say about Bonk, Solana, or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on FacebookTwitter