Shiba Inu (SHIB) Clone Memecoin Bonk (BONK) Steps in to Save Solana (SOL)

Sunny days come unexpectedly for Solana as the dog-themed Bonk coin comes to the rescue.

Dog on top of platform with Solana logo in front of bright neon lights.

The popular altcoin Solana (SOL) has been one of the hardest-hit cryptocurrencies of the FTX disaster. Several crypto technical analysts indicated more bearish trends for SOL in 2023, down to single digits just yesterday.

Indeed, the market price decline for SOL came after developers started unanimously flocking to Ethereum (ETH). With the lack of builders, the bearish signals included decreasing transaction volume, dramatically shrunk market cap, and an almost fully retracted all-time high (ATH).

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However, the 18th-ranked altcoin returned to the crucial $11 support level. On top of that, the daily bull run was heavily inspired by a new Japanese guard dog-themed memecoin, Bonk (BONK). The Shiba Inu (SHIB) lookalike on SOL’s blockchain made waves on Crypto Twitter and is currently trending on CoinGecko.

Magic Eden Contemplates BONK Integration

As many builders are leaving for ETH or Polygon (MATIC), the largest NFT marketplace on SOL’s network, Magic Eden, now considers adding BONK. Magic Eden jumped on the new canine memecoin hype by asking Crypto Twitter if they should integrate the freshly-made Solana-based coin.

Shortly after the message, BONK skyrocketed and recorded triple-digit gains in the last 24 hours. At press time, the recently-ranked memecoin is priced at $0.00000120, with 117.17% daily gains, according to CoinGecko. Indeed, BONK is quickly climbing up the crypto charts and now ranks at #291.

Crypto Twitter has positively reacted to the new memecoin surging out of the blue. Various well-known crypto personalities and NFT collections offer free airdrops for those who haven’t got any Bonk (BONK) yet. Naturally, this resulted in #BONK & $BONK trending on Twitter and a positive impact on Solana.

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At press time, SOL trades at $11.88, according to CoinGecko. Having fetched 7% in the green for the last 24 hours, the popular altcoin is still licking its wounds from the FTX fiasco, which resulted in Alameda’s SOL holdings getting unscrupulously dumped.

On the Flipside

  • Crypto entrepreneur David Gokhshtein believes that Solana’s days are numbered, mainly because the blockchain’s developers are switching to other options.

Why You Should Care

Memecoins often lead rebound rallies during extreme market conditions.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.