- The Solana ecosystem launched BONK, a meme coin depicting a dog avatar and inspired by Shiba Inu.
- For this reason, Solana has rallied over 35% in the last week alone, passing the $13 level again.
- On Thursday, the BONK token was up almost 43%. However, this Friday it sank 36%, according to data from CoinMarketCap.
Solana’s last few weeks have been very volatile. On December 25, at Christmas, the ecosystem launched the BONK token, a meme coin that shows the avatar of a dog and is inspired by Shiba Inu. “It is the first Solana dog coin for the people, by the people,” read a message from the community.
Due to this creation, the price of SOL has skyrocketed by more than 35% in the last week alone and went back above 13 USD (listing at 13.30 USD).
50% of the BONK supply was sent to the community of Solana to offset the losses caused by the collapse of FTX and Alameda. “ The Bonk community was tired of Alameda and wanted to make a fun meme coin where everyone had a fair chance,” the document said.
According to data from CoinMarketCap, BONK soared 42.9% yesterday, while today it plunged more than 36% to $0.000002026, with a market capitalization of $170 million.
What happened to Solana?
As revealed on Market Times, Sam Bankman-Fried’s endorsement of Solana and revelations that Alameda had a significant portion of SOL on its balance sheet hurt Solana’s price, which fell as low as $8.30 at the end of December. . At the time, SOL’s annual losses exceeded 96%.
Another reason that hurt the price is that two of Solana’s largest NFT projects, DeGods and y00ts, migrated to Ethereum and Polygon, respectively.
Encouragingly, Ethereum co-founder Vitalik Buterin expressed his support for Solana , noting that ” the chain has a bright future ” after the recent sell-off wiped out ” the horrible opportunistic money people .”
