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{"id":14659,"date":"2023-01-20T21:50:00","date_gmt":"2023-01-20T21:50:00","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/01\/20\/solana-price-spikes-as-newly-launched-dog-coin-bonk-gains-community-hype\/"},"modified":"2023-01-20T21:50:02","modified_gmt":"2023-01-20T21:50:02","slug":"solana-price-spikes-as-newly-launched-dog-coin-bonk-gains-community-hype","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/01\/20\/solana-price-spikes-as-newly-launched-dog-coin-bonk-gains-community-hype\/","title":{"rendered":"Solana price spikes as newly launched dog coin BONK gains community hype"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/01\/03\/solana-price-spikes-as-newly-launched-dog-coin-bonk-gains-community-hype\/<\/a><\/br>
\nSolana price spikes as newly launched dog coin BONK gains community hype<\/br>
\n2023-01-20 21:50:00<\/br><\/p>\n

\n

Last week, Solana (SOL<\/a>) fell to its lowest level since February 2021. But its price has risen over 12% in the past 24 hours on Tuesday after almost nine days of consecutive losses that brought its price to around $8 on Friday.<\/p>\n

Amid Solana\u2019s movement, the two largest cryptocurrencies by market cap \u2014 Bitcoin and Ethereum <\/a>\u2014\u00a0both shifted less than 1% in the past 24 hours, showing some stability.<\/p>\n

Solana has been volatile for a number of reasons in recent weeks, including one of its most prominent backers being the now-disgraced former FTX CEO Sam Bankman-Fried<\/a> and top NFT projects planning to leave<\/a> its blockchain.<\/p>\n

But some are crediting the recent spike to interest from Solana community members in Bonk (BONK<\/a>), a new meme token that airdropped about 50% of its 56 trillion token supply to users last week. Airdropping is when a cryptocurrency sends a free supply of its token to a number of crypto wallets in a way to gain users or reward loyal community members.<\/p>\n

\u201cWe\u2019re here to reward everyone that made #Solana what it is today,\u201d the Solana-focused dog coin tweeted<\/a> about a month ago before gaining traction.<\/p>\n

About 20% of Bonk\u2019s total airdrop supply went to Solana NFT collections<\/a>, which consisted of almost 300,000 individual NFTs. The Shiba Inu\u2013themed cryptocurrency has risen about 96% in the past 24 hours, according to CoinGecko data<\/a>.<\/p>\n

Even some major Solana projects have considered (or did) adopting the newly launched token from large decentralized exchanges like Orca<\/a> to NFT markets like Magic Eden<\/a>.<\/p>\n

While Bonk gains steam, it\u2019s highly likely that it will have a similar fate to other meme or dog-focused crypto tokens that often see a pump, followed by a steep dump and little to no recovery. In the meantime, however, it has helped the Solana ecosystem gain momentum in a time when many crypto players saw it as a goner.<\/p>\n

As there has been some slight recovery for Solana, its future remains uncertain even amid its dog coin\u2013related hype. As of today, Solana has dropped from being the fifth-largest token in early November to the 15th largest and is the number one trending<\/a> cryptocurrency on CoinMarketCap.<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/01\/03\/solana-price-spikes-as-newly-launched-dog-coin-bonk-gains-community-hype\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/01\/03\/solana-price-spikes-as-newly-launched-dog-coin-bonk-gains-community-hype\/ Solana price spikes as newly launched dog coin BONK gains community hype 2023-01-20 21:50:00 Last week, Solana (SOL) fell to its lowest level since February 2021. But its price has risen over 12% in the past 24 hours on Tuesday after almost nine days of consecutive losses that brought its price to around $8 […]<\/p>\n","protected":false},"author":1,"featured_media":14661,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17,8],"tags":[],"class_list":["post-14659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-technology"],"yoast_head":"\nSolana price spikes as newly launched dog coin BONK gains community hype - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/01\/20\/solana-price-spikes-as-newly-launched-dog-coin-bonk-gains-community-hype\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Solana price spikes as newly launched dog coin BONK gains community hype - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/01\/03\/solana-price-spikes-as-newly-launched-dog-coin-bonk-gains-community-hype\/ Solana price spikes as newly launched dog coin BONK gains community hype 2023-01-20 21:50:00 Last week, Solana (SOL) fell to its lowest level since February 2021. 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