value of solana skyrocketing while the rest of the market is quiet. Will the new dog coin, Bonk, save the ecosystem in 2023?
Memecoins Headed The Bull Rally In 2021 dog coin And the Shiba Inu is scaling new heights. The market is again witnessing the popularity of a new memecoin in early 2023.
The first native Solana dog coin has sparked community interest in the ecosystem. While the overall market is trading flat, Solana’s price is up more than 63% within a week from a low of around $8.
What is Bonk?
Bonk has taken the crypto market by storm with its airdrop. 50% of the token supply is airdropped to the Solana community consisting of individual NFT holders, OpenBook traders, Solana artists and Solana developers. official website,
The Dogecoin token has already attracted various markets and exchanges. Magic Eden, Market at Solana, teased, Bank integration. Huobi enlisted coin today; Spot trading will commence when the deposit volume meets the demand for market trading.
The FTX collapse hit the Solana ecosystem hardest, with Alameda Research being one of Solana’s largest holders. Bonk website states, “Bonk contributors were tired of the toxic “Almeida”. tokonomics And wanted to create a fun memecoin where everyone gets a fair shot.
The project aims to bring liquidity back to the Solana ecosystem, which fell off a cliff following the collapse of FTX. according to data from defilamaThe Total Value Locked (TVL) has come down by almost 80% since 6th November. The TVL of the Solana ecosystem used to be $1 billion, but due to the FTX crash, it is currently around $200 million.
community is bullish and realize that bonk is the lifeline for Solana. But, with every new token listing comes greater risk. There needs to be more background about the project or its team, which is missing. Investors should do their research before putting their money into this highly volatile market.
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