- The orange dog-embossed coin $BONK is close to setting a new all-time high.
- Solana Layer-1 chain users are finding random amounts of airdropped $BONK.
- Solana Labs founder and VC capital partner weigh in on the role of meme coins.
The inaugural Solana-based Shiba Inu-themed meme coin Bonk (BONK) was a huge hit in early 2023, picking Solana right back up from falling to single digits. Emerging on last New Year’s Eve, BONK fetched an astonishing 4424% price appreciation after being airdropped to Solana community members.
However, Solana’s top dog coin later became a short-lived legend, as $BONK nearly fell off the TOP 1000 by global market capitalization. Lately, the orange cartoon dog-embossed crypto has been enjoying a renaissance with 2247% gains in the last 30 days. On top of that $BONK is nearing the TOP 200, pursuing the upswing with 65% gains in the last 24 hours.
At press time, Solana’s native Bonk (BONK) is changing hands at $0.00000511, according to CoinGecko. The 2247% monthly rally for $BONK coincides with the rally for Solana’s Ecosystem, filled with venture capital injections, helping whales build a strong presence. Earlier today, Bonk hit a new all-time high of $0.00000539.
Top Crypto Figures Weigh In On Meme Coins
Inspired by BONK’s resurgence, crypto trader R89 stated “I’m happy BONK is doing amazing.” On the other hand, VC capital venture expert Chris Burniske asserted that meme coins should be “an important update to capitalism”, enhancing money distribution.
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Mr. Burniske explained his vision for the purpose of memecoins: “Make them successful for everyone, not just insiders; else the ecosystem is wasting a precious opportunity to make right, the wrongs of 2021.”
Furthermore, Solana Labs founder Anatoly Yakovenko stepped in to ask the VC capital analyst and prominent crypto trader a question regarding the potential of meme coins: “Do you think it’s possible to build a global movement based on emissions rewarding people for some “missionary” work?”
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While the outcome was deemed possible by Chris Burniske, the co-author of the Crypto Assets eBook also mentioned that he’s more interested in making the cryptocurrency sector align with the valuable labor it gives birth to, rather than meme coin mania.
On The Flipside
- Besides the SOL community appeal, Bonk (BONK) recently introduced a staking program, which contributed towards the revival of Solana’s dog-themed cryptocurrency.
- Claiming a $220 million market cap, $BONK has rallied from $7.65M on October 13, 2023, but still falls behind main canine crypto rival Floki (FLOKI), which currently sits at a $326 million global market capitalization.
Why This Matters
Solana’s blockchain has produced one of the best-performing altcoins so far this year. Meme currencies contribute toward blockchain adoption by attracting traders in search of profits.
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