New Solana memecoin surges hard
Within 24 hours BONK jumps to triple digits and also seems to have sparked Solana's recovery.
Within 24 hours BONK rises to triple digits and it seems Solana may be recovering too. How long will this new hype last?
Some people feel like they’ve been transported back to memecoin hype days when they see the numbers. The furious start of a new memecoin on Solana mirrors the Dogecoin and Shiba Inu mania from more than two years ago.
BONK is the name of the new puppy token, which like its predecessors traces back to the Shiba Inu breed. Just over a week after launch the coin has surged 1,300 percent—100 percent just in the last 24 hours.
Now the project is aiming for the crypto Top 100. The playbook for success, beyond the hype, is now well known: an absurdly low price tag (currently five zeros after the decimal) and an absurdly high total token supply, half of which was given out via airdrop to community members and holders of various Solana NFTs.
The reception so far seems positive. Several Solana-based projects are already integrating the memecoin, for example for NFT payments. Yesterday also marked a notable on-chain record: BONK logged more active wallets than the entire Polygon blockchain.
How long the hype will last remains to be seen. Once the frenzy runs its course, the forces at play are unpredictable—even in the opposite direction. Because on top of memecoin volatility, the chilling crypto winter could also curb the hype.
Solana’s best friend
The new dog coin seems to be serving its home blockchain Solana well, as the high transaction volume generates strong demand for SOL. Starting today the price is back in double digits and has topped the twelve-dollar mark for the first time since Christmas.
Recent activity from FTX wallets, Alameda Research, and maybe even Sam Bankman-Fried himself could indicate their massive SOL holdings were sold in the past weeks. Or maybe investors, developers, and community members simply lost confidence in the coin.
That’s more reason why today’s double-digit price jump is a relief for many of you. Now we’ll see if this is a classic bear-market rally or if the coin can sustain a recovery.
