Memecoin Bonk (BONK) Soars up 1600% In Just a Week

• The first Solana Dog Coin $BONK witnessed a massive price surge of over 1622%.
• The new memecoin airdrop made up 50% of its token supply to the Solana community.

Despite the prominent cryptocurrencies trading in the red, a new doge-themed Bonk ($BONK) token has significantly surged by over 1622% since the trading began on December 29, 2022. Also, today the robust price performance boosted the new memecoin to attain an all-time high of  $0.00000154.

In the past week, Solana Twitter has gone crazy about the trending memecoin $BONK, which is spreading new year cheer throughout the Solana community. However, the $BONK trading volume rose by around 200% in the previous day to reach over $22 million. And it has surpassed an $84 million market capitalization.

Bonk’s (BONK) price chart (Source: CoinMarketcap)

What is BONK?

Bonk is the first Solana Dog Coin referred to as “for the people, by the people”. The Solana-based meme token’s introduction seems fortunate, while the chain is witnessing a crisis of confidence due to its connections to the bankrupt FTX exchange. 

The Bonk (BONK) one-pager stated that;

The Bonk contributors were tired of toxic “Alameda” tokenomics and wanted to make a fun memecoin where everyone gets a fair shot.

Also, the new crypto token airdrop made up half (50%) of its token supply to the Solana community. As it created lots of curiosity in the community, 20% of the airdrop supply will go to Solana NFT collections, which contain 297,000 unique NFTs, and 10% will go to Solana-focused artists and collectors.

However, the new Shiba Inu-themed token details were not available much and the website’s whitepaper was not linked. But in the last week, users already used Bonk tokens in over 500,000 transactions.

Further, Solana native toke $SOL faced selling pressure due to its close links to Sam Bankman-Fried, the notorious founder of the cryptocurrency exchange FTX and the trading business Alameda Research. On the other hand, SOL increased around 16% in the last 24 hours and hiked back above $13. 

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of TheCryptoArea. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.