The newly launched altcoin, based on Ethereum (ETH) rival Solana (SOL), is in the midst of an explosive rise, bucking the broader crypto market.
BONK Coin (BONK), a meme coin created to revitalize the Solana community in the wake of the FTX demise and subsequent impact on SOL, fell from an all-time high to nearly 97% after the debacle. fell.
According to the project, Bonk’s contributors were fed up with the toxic “Alameda” tokenomics and wanted to create a fun meme coin where everyone got a “fair shot”.
Bonk Coin’s ecosystem includes decentralized applications (DApps) where users pay BONK in exchange for burning a portion of their tokens by “bonking” a picture of Sam Bankman-Fried with a baseball bat. can do.
50% of the total supply of BONK tokens will be airdropped to Solana holders, and at the time of writing, BONK has a market cap of $51 million.
BONK started at a price of $0.000000086142 and surged to $0.00000127, registering an increase of about 1,374% in about 5 days.
The new Solana-based Dogecoin imitator has since cooled down and is currently trading around 39% from its all-time high, still up 957% from its launch price.
Rising alongside BONK, Solana also surged more than 60% from last week’s local low of $8.30, currently trading at $13.33.
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