Bonk Meme Token Rockets 2,500%, Boosting Solana Blockchain

Reading time:

• Bonk is a meme coin launched on Solana on Christmas Day that has surged close to 2,500%.
• Solana, however, has been struggling lately due to top projects fleeing the blockchain, repeated outages, and its association with Sam Bankman-Fried.
• Despite this, Solana is bouncing back in conjunction with the surge for Bonk, jumping back above $13 Tuesday.

The festive season was abuzz with news of Bonk, a doggy token on the Solana blockchain. The meme coin was launched on Christmas Day and has since risen close to 2,500%. As I write, the price has surged 150% in the last hour. Despite this, the blockchain has been struggling of late. Not only have many top projects fled the blockchain, but repeated outages have caused massive issues. This has been further compounded by the ominous association between Solana and Sam Bankman-Fried, leading to a dip in the price of the blockchain.

However, it appears that the surge in Bonk is bringing Solana back. The blockchain jumped back above $13 Tuesday, having dipped as low as $8 last week. According to Coinglass data, there has been close to $100 million in trading volume on Bonk since its launch, with the majority of the trading occurring in the last 24 hours. This is a clear indication that Bonk is gaining traction amongst the cryptocurrency community.

The question now is whether Bonk is a bubble or not. Our Analyst writes that this is not the climate for memecoin hysteria, and that caution should be taken. They recommend that investors should look at the fundamentals of Bonk before making an investment decision.

In conclusion, it appears that the surge in Bonk is helping to buoy Solana, despite the blockchain’s recent struggles. Although caution should be taken when investing in Bonk, the meme coin is certainly gaining traction. It remains to be seen whether this is a bubble or a legitimate investment opportunity.