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Solana-Based Viral Memecoin Is Up 2,500% Despite Brutal Bitcoin And Ethereum Crypto Winter Price

techsm5

Bitcoin
BTC
Ethereum and other major cryptocurrencies are currently in the throes of a crypto price winter that has wiped billions of dollars from the previously scorching market (and may be about to get worse).

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The price of some big so-called memecoins – cryptocurrencies such as dogecoin and shib inu – which have boomed over the past two years have fallen in recent months but have held on to some of their gains better than many have. had planned – aided by Tesla billionaire Elon Musk.

Now, a solana-based cryptocurrency called bonk which is also based on the shib inu doge meme is attempting to recreate the success of previous memecoins, seeing a 2,500% price hike despite the devastating crypto crash that plunged the biggest crypto companies in crisis.

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“We’re here to reward everyone who made Solana what it is today,” the Bonk developers said. post on Twitter last month.

Solana
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, an Ethereum rival closely tied to collapsing crypto exchange FTX and offering relatively high transaction speeds and low fees, has been hit hard by FTX’s implosion over the past few months, dropping top ten cryptos. The price of solana, however, was boosted by the surge in Bonk prices, adding 35% over the past week.

Bonk’s huge rally, which has soared around 2,500% since its launch on December 25 and 150% in the past 24 hours alone, was helped by a so-called airdrop which saw free tokens given out solana developers and solana-based non-fungible token (NFT) collectors. Some 50% of the 56 trillion bonk was shipped last week.

However, bonk is unlikely to retain these gains, despite several solana NFT projects deciding to integrate bonk. Over the past year, various viral cryptocurrencies have burst onto the scene, briefly burning but ultimately leaving investors out of pocket.

The Squid game, a cryptocurrency inspired by but not affiliated with the very popular Netflix in Korean
NFLX
show of the same name, in 2021 saw its price skyrocket over 100,000% in a matter of days only to plummet into nothingness.

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Dogecoin, the largest memecoin with a market capitalization of nearly $10 billion, held onto much of its price rally but was only buoyed by tangential support from billionaire Tesla and Twitter owner Elon Musk. . For the past two years, Musk has declared himself the “dogefather” and promised to put dogecoin on the moon through his rocket company SpaceX.

Meanwhile, some crypto market watchers believe the more developed crypto market could see a rally, with non-bitcoin cryptocurrencies, sometimes called altcoins, likely to make the biggest moves.

“These are further signs that the long sideways slide is ending, and we should be prepared for higher volatility, and this time it may be altcoins that come to life first, not bitcoin,” Alex wrote. Kuptsikevich, Senior Market Analyst at FxPro. comments sent by email.

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