– Bonk is a meme token launched on Solana on Christmas Day that has surged close to 2,500%.
– Solana has been struggling due to multiple top projects fleeing the blockchain, repeated outages, and its association with Sam Bankman-Fried.
– Despite the struggles, Solana has bounced back a little in conjunction with the surge in Bonk.
As the crypto market revives from the holiday lull and traders look for new opportunities, a meme token issued on the Solana blockchain has emerged as the hottest new asset. Bonk was launched on Christmas Day, and it has surged close to 2,500% since then.
The movement of Bonk’s price has coincided with Solana’s rise in the market. The blockchain has been going through a tough phase recently, as multiple top projects have exited the blockchain and repeated outages have caused massive problems. It is also facing the brunt of its association with Sam Bankman-Fried, the CEO of FTX, which has been pulling down the price. Despite all these issues, Solana has managed to bounce back a little in the market, with the surge in Bonk playing a major role. The token’s price increase in the last hour has been as high as 150%.
Looking at Coinglass data, there has been close to $20 million in trading volume for Bonk in the last 24 hours. This has been driven by the “FOMO” (fear of missing out) surrounding the token, as traders rush to get a piece of the action. But, our analyst warns that this is not the climate for memecoin hysteria, and investors should be careful of doggy tokens and remember the lessons learned from previous meme token bubbles.