- Because the launch of meme coin BONK, Solana’s worth has jumped considerably
- Nonetheless, the value may rebound because the hype across the meme coin dropped
The launch of the Shiba Inu [SHIB] – themed token, Bonk [BONK] and its determination to conduct an airdrop benefitted Solana. SOL ranked because the best-performing cryptocurrency asset within the final 24 hours, information from CoinMarketCap revealed.
Learn Solana’s [SOL] Value Prediction 2023-2024
In line with information from the cryptocurrency worth monitoring platform, SOL’s worth rallied by 16% within the final 24 hours and 33% within the final week to trade fingers at $13.60 at press time.
The worth soar in the course of the intraday buying and selling session on 3 January represented a restoration from a nine-day streak of worth decline. Every week in the past, SOL traded at $8.
SOL closed the 2022 buying and selling yr with a critical decline in its worth because of Solana’s connection to Sam Bankman-Fried, who, on the time of writing, was dealing with allegations of fraud and misappropriation of shopper funds.
Inu cash: A story of failure
Described on its website because the “first Solana Canine Coin for the folks, by the folks,” BONK was launched on 25 December when it carried out an AirDrop of fifty% of its complete provide.
Following the AirDrop, the variety of BONK holders rallied considerably. By 3 January, the quantity had exceeded 85,000. Its market capitalization climbed regularly to peak at $79 million at press time.
Per information from Dune Analytics, over 500 transactions have been carried out utilizing BONK tokens since its launch on Christmas day. The expansion within the depend of BONK holders within the final week because of the AirDrop additionally drove some site visitors to the Solana community.
Within the days because the $BONK launch (~December twenty fifth) Solana has added over 20,000 each day energetic wallets.
In all probability one thing. pic.twitter.com/4PbuhwZxso
— Bonk! (@bonk_inu) December 31, 2022
Though BONK has had vital success since its launch, its standing as a meme coin, modeled after comparable cash like Shiba Inu, Dogecoin, and Floki, raised a number of issues. Most of those issues had been whether or not its worth would finally decline in the identical means as these older meme cash.
What’s going to Solana obtain with meme cash?
As per its one-pager, BONK was launched as a result of,
“The Bonk contributors had been uninterested in poisonous “Alameda” tokenomics and wished to make a enjoyable meme coin the place everybody will get a good shot.”
Whereas BONK secured partnerships with a couple of Solana initiatives to be adopted as cost for listed non-fungible tokens (NFTs), there aren’t any different clear-cut particulars on venture tokenomics, potential product launches, or every other type of real-life utility.
What number of SOLs are you able to get for $1?
Meme cash are sometimes topic to a short lived improve in worth, adopted by a sustained decline over an prolonged interval. Usually, their worth is predicated on their perceived reputation or novelty, which might be fleeting. If the coin’s reputation wanes, its worth might decline.
Moreover, meme cash could also be extra susceptible to cost manipulation or pump-and-dump schemes. Thus, this might result in unstable worth swings and undermine confidence within the coin.
Lastly, these cash usually lack a powerful underlying expertise or use case, making it tougher to attain long-term success.