Solana price recovers amidst demand for new dog-themed cryptocurrency BONK

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. 

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.