Solana (SOL) Price Spikes As Dogecoin Clone BONK Gains Hype

Solana is rising as an early winner as crypto traders start to plan out their buying and selling methods for 2023 and goal to recoup losses from the earlier yr. Backed by disgraced crypto mogul Sam Bankman-Fried, the Solana (SOL) price noticed record-breaking depreciation in worth within the months main as much as the brand new yr. Nonetheless, the SOL token has now gained greater than 22% in simply a few days getting into into 2023.

Solana (SOL) Worth Jumps On BONK Information

The value of Solana (SOL) hit a brand new low final week that hadn’t been witnessed since February 2021. After over 9 days of consecutive losses, that pushed the altcoin’s worth to roughly $8 on Friday, elevated by greater than 12% up to now twenty-four hours on Tuesday.

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BONK, a brand new memecoin with a Japanese guard canine theme, was a serious driver behind the value improve of the Fifteenth-ranked cryptocurrency, which additionally noticed a bull run not too long ago of 380% features since its launch. The doppelganger of a Shiba Inu (SHIB) that operates on the SOL blockchain has brought on a serious stir and is at present trending on Crypto Twitter.

BONK’s Wider Market Acceptance

In consequence, Magic Eden — the biggest NFT marketplace on the Solana community — is at present contemplating integrating BONK within the midst of the mass exodus of builders flocking to the Ethereum (ETH) or Polygon (MATIC) networks. Magic Eden enthusiastic about the newest canine memecoin craze, took to Twitter to ask whether or not or not they need to incorporate the not too long ago created Solana-based cryptocurrency.

It’s a brand new yr, possibly we should always combine some new cryptocurrencies or chains

Ought to we begin with $BONK? Idk

— Magic Eden 🪄 (@MagicEden) January 2, 2023

The cryptocurrency neighborhood as an entire has responded favorably to the sudden surge in reputation of the brand new memecoin. Moreover, the truth that individuals can benefit from free airdrops of the BONK token, offered by a variety of well-known crypto celebrities and NFT collectors has added extra gasoline to the SOL token’s worth.

Discovered some $BONK in my burner, who nonetheless holds 0 and wish some ? pic.twitter.com/viw3HOzwoR

— Anglio (@CryptoAnglio) January 2, 2023

BONK Helps Sinking Solana

Inside the final twenty-four hours, the on-chain volumes of Bonk reached greater than $19 million. Because it was first issued on December 25, Bonk has been owned by greater than 85,000 traders as of Tuesday, giving it a market valuation of roughly $93 million. In line with the statistics collected in the course of the previous week, customers have accomplished greater than 500,000 transactions using bonk tokens.

Furthermore, the information of the MEXC crypto exchange itemizing the Bonk token for buying and selling with a USDT pair on Tuesday, has additional ignited the curiosity of merchants and traders alike.

As issues stand, the Solana (SOL) worth is at present being traded at $13. This represents a rise of 4.84% up to now one hour, in distinction to a whopping 22% over the past 24 hours as per crypto market tracker CoinMarketCap.

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Pratik has been a crypto evangelist since 2016 & been by way of nearly all that crypto has to supply. Be it the ICO growth, bear markets of 2018, Bitcoin halving to until now – he has seen all of it.

The offered content material could embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.