A newly launched altcoin based on Ethereum (ETH) competitor Solana (SOL) is in the middle of an explosive rally, defying the broader crypto markets.
Bonk Coin (BONK) is a meme coin built for the Solana community to re-energize itself following the collapse of FTX and its subsequent effect on SOL, which ended up dropping nearly 97% from all-time highs after the debacle.
According to the project, Bonk contributors were tired of toxic “Alameda” tokenomics and wanted to make a fun memecoin where everyone gets a “fair shot.”
Bonk Coin’s ecosystem includes a decentralized application (DApp) that allows users to pay BONK in exchange for “bonking” a picture of Sam Bankman-Fried with a baseball bat, burning a portion of their tokens.
50% of the total supply of BONK tokens was airdropped to Solana holders, and at time of writing, BONK has a market cap of $51 million.
BONK launched at a price of $0.000000086142 and exploded to $0.00000127, marking a rally of about 1,374% in a matter of about five days.
The new Solana-based Dogecoin imitator has since cooled off, currently trading about 39% from its all-time high but still 957% up from its launch price.
Rallying alongside BONK, Solana has also exploded in the last week, jumping over 60% from its local low of $8.30, currently changing hands for $13.33.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/eliahinsomnia/WhiteBarbie
Credit: Source link