Solana-Based Altcoin Explodes 1,374% As Ethereum Rival’s Ecosystem Bounces Back

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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