Solana price recovers amidst demand for new dog-themed cryptocurrency BONK
- Solana price yielded 15% gains over the past 24 hours for holders as larger cryptocurrencies struggled to recover from losses.
- SOL price recovery was partially supported by a newly launched theme token on NFT marketplace MagicEden, Bonk (BONK).
- Bonk is a Shiba-Inu-themed cryptocurrency that assured traders that 50% of its supply would be airdropped to users.
Solana price wiped out its losses from the last two weeks with a 15% gain overnight. The Ethereum-alternative outperformed large market capitalization cryptocurrencies like Bitcoin and Ethereum. The arrival of a new Shiba-Inu-themed cryptocurrency on Solana’s NFT marketplace MagicEden and the project’s announcement about airdropping 50% of its token is one of the factors that fueled the recovery.
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Solana price rally triggered by new dog-themed cryptocurrency
Solana, the Ethereum-alternative, started its recovery with 15% overnight gains on January 3. The public blockchain platform with smart contract functionality witnessed a recovery in its price after leading NFT marketplace MagicEden announced the listing of a newly launched theme token.
Bonk (BONK) is a dog-themed cryptocurrency inspired by the Shiba Inu dog like meme coins Dogecoin and Shiba Inu. The announcement fueled interest among Solana community members and the team announced that around 50% of the token’s supply would be airdropped to users. An airdrop is a distribution of a token, typically offered for free in exchange for completing simple tasks. Airdrops distribute the supply of a token to numerous wallet addresses across the internet.
The airdrop garnered massive interest from the community and 20% of the token’s supply is going to Solana’s NFT collections, 297,000 individual NFTs. 10% of BONK is set aside for Solana focused artists and collectors in the ecosystem.
It’s a new year, maybe we should integrate some new cryptocurrencies or chains
— Magic Eden (@MagicEden) January 2, 2023
Should we start with $BONK? Idk
The on-chain trade volume of Bonk crossed $19 million over the past 24 hours, confirming interest from the SOL community. Since its issuance on December 25, Bonk has over 85,000 holders and a market capitalization of nearly $93 million.
Interestingly, Solana-based projects have integrated BONK tokens as payment methods for their listed NFTs, driving interest and utility higher.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
