Price of Bonk Solana (BONK), token memecoins Solana, who follows in the footsteps of the Shiba Inu (SHIB), has soared 117 percent in the last 48 hours. Thanks to BONK’s actions, Solana (SOL) also rose 34 percent in the same period.
According to the BONK website, 50 percent of the total supply token Shiba Inu themed is given away for free via airdrop to Solana users. This is done for the sake of avoidance tokenomics “poisonous” which is often done by market makers Alameda Research in the past.
Decision airdrop This resulted in BONK trading volume reaching US$20 million on the Orca decentralized exchange.
Price of BONK Solana Skyrocketed
Amidst the suffering conditions of the crypto market bear market, investors hope that BONK can present new opportunities. Liquidity providers are able to profit through BONK achieving an annual yield (APR) of over 999 percent.
High yields generally do not last long. APR is currently showing very high interest in BONK. Besides, it has happened burning 1 billion BONK last Tuesday (03/01/2023).
The Solana blockchain has greatly benefited from increased usage. After the FTX collapse, Solana experienced a sharp decline in activity levels, including a number of projects flitting to other blockchains.
Cointelegraph reported, on Wednesday (04/01/2023), activity on-chain Solana increased 15.8 percent and 24-hour transaction fees increased 18.6 percent.
In addition to increasing profits from transaction fees and user activity, the SOL price has rallied and surpassed US$14 on January 4 for the first time since December 14, 2022.
Some crypto analysts say the increase in the price of SOL was driven by the growth of BONK. Although BONK is seen as memecoinshigh interest signals a positive for the growth of the Solana blockchain.
On the other hand, the price of BONK Solana may have reached its peak. After skyrocketing more than 2 thousand percent, investors who buy now high odds should hold losing positions.
However, BONK may continue its very strong rally on investor sentiment and strength factors memes. This is also experienced by Dogecoin (DOGE) and Shiba Inu The so-called (SHIB) has peaked but continues to trend bullish.
When hype resistance to BONK has reached its highest point, so investors should be prepared for a downward trend for BONK prices, as experienced by DOGE and SHIB. [ed]