SNEAK PEEK
- BONK was introduced in December, with Solana makers and NFT holders receiving it for free.
- After already being airlifted to Solana NFT shareholders, BONK was up 58% to suffer fall of 54%.
- 100 trillion BONK coins have been generated.
BONK was earlier up 58% after being distributed to Solana builders, artists, and NFT holders. SOL has rebounded dramatically from its last low of around $8, and the reason for this week’s enthusiasm appears to be a new doge-themed currency called BONK.
The token’s value more than quadrupled on Wednesday and early Thursday, reaching $0.00000487. The surge on Wednesday, however, has given way to a precipitous loss on Thursday, with the currency falling as low as $0.00000223 this morning—a 54% decrease in much less than 11 hours.
Solana’s price has risen 16% in the last 24 hours, reaching about $12.90 at the time of writing, for a weekly rise of 19%. Solana touched a seven-day peak of $13.21 this morning before falling marginally. BONK, a Solana-based money that has the same “doge meme” theme as Dogecoin and the Shiba Inu-based Ethereum token, has recently attracted a lot of attention from the Solana network.
Solana prices were as high as $37 just before FTX’s liquidity crisis, and FTX’s close ties to Solana seem to have depressed its value even more than Bitcoin and Ethereum. After this week’s increase in price,
SOL remains 95% behind the all-time peak of $260 reached in November 2021. Solana’s value rose in December 2021 before collapsing the next year due to typical crypto industry issues, technical concerns, and the added importance of the FTX crisis.
BONK was launched in late December with a huge airdrop that sent free tokens to the accounts of a diverse group of Solana programmers and NFT owners. It comprises developers who joined Lamport DAO, a Solana development hub, as well as NFT owners from DeGods and the Famous Fox Federation. There have been 100 trillion BONK coins created in total.
According to the BONK website, 50% of the total supply has been airdropped to developers, NFT stockholders, creators, and artists, with a part of the remaining supply locked into vesting conditions for BONK customers.
