Increasingly abandoned after the FTX affair, the Solana (SOL) blockchain has finally got some color back in the past few days. In question: the airdrop of a new memecoin with the image of a Shiba Inu. Under the name BONK, it has risen to the top 200 most capitalized cryptocurrencies.
An unexpected airdrop
While Solana (SOL) struggled to recover from the FTX affair, Now a new memecoin is coming to reignite the flame of users of this blockchain. This crypto called BONK, which features the image of a Shiba Inu, has multiplied its price 10x in just a week and 2x in the course of the day.
BONK price increase in one day
In particular, the project’s website indicates that the ” BONK is the first dog-like cryptocurrency on Solana for the people, by the people.” In other words, yet another copy of the DOGE or SHIB. However, BONK has excelled in offering an airdrop of tokens to holders of non-fungible tokens (NFTs) in the Solana ecosystem.
Within 24 hours, The BONK recorded a volume of almost 30 million US dollars on Solana’s decentralized platforms. It’s almost 70% of the volume on Orca – the exchange the token is listed on – and about 40% of total volume traded on Solana.
According to the Dune aggregator, there are currently nearly 50,000 addresses containing BONK. Nonetheless, The 20 largest holders alone own 50% of the total volume in circulation. Something to warn about the risks: it is obviously strongly discouraged to invest in this token.
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BONK brings hope to Solana
Since the bankruptcy of FTX and Alameda Research, The Solana blockchain was in free fall. In fact, Sam Bankman-Fried’s two companies have invested heavily in blockchain since their launch in 2019 the largest holders of SOL corners.
In terms of data, the finding is clear: Solana is the big loser in this case. The value circulating on the blockchain has increased from $1 billion to around $200 million. The price of the SOL fell from $36 to less than $10, a drop of 75%.
Evolution of the total value blocked on the Solana blockchain (SOL).
Otherwise, Solana has seen many big projects disappear has seen the heyday of its ecosystem. We find in particular DeGötter and y00ts, two successful collections of non-fungible tokens (NFTs) announcing their migration to Ethereum and its second layer, Polygon.
Is the arrival of this BONK token good news for Solana? In the short term, it has created a craze around the blockchain and show that the ecosystem can undeniably continue to exist without Sam Bankman-Fried and other investors.
However, it is important to emphasize that this BONK token is a memecoin and is not based on anything concrete. There are no bases, the team is unknown, the tokenomics are questionable and the interest is purely speculative. In other words, everything indicates that the bullish rally could soon run out of steam.
Of course, in a bear market context, investing any part of your portfolio there is strongly discouraged.
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Sources: DefiLlama, Dune
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Lilian Aliaga
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