• Bonk is a meme coin launched on the Solana blockchain
• The token has risen close to 2,500% since its launch on Christmas Day
• Solana has bounced back in conjunction with the surge for Bonk, now trading above $13
The cryptosphere is abuzz with the news of Bonk, a popular doggy themed token, that was issued on the Solana blockchain on Christmas Day. Since its launch, the meme-inspired token has seen an incredible surge of 2,500%, with the price increasing 150% in the last hour alone. The rise of Bonk has coincided with the resurgence of Solana, which had been facing a difficult patch in recent months.
The blockchain had been struggling with multiple top projects fleeing the network, repeated outages causing massive problems, and its association with Sam Bankman-Fried leading to a drop in the price. However, with the launch of Bonk on the blockchain and its subsequent surge, Solana has now jumped back above $13, having dropped as low as $8 last week.
The surge in Bonk’s price has been underpinned by the token’s popularity on Twitter, with users embracing the nostalgic feeling of a good old-fashioned meme token. Despite the hype around the token, our Analyst has warned against investing in Bonk and other meme tokens, given the current climate in the market.
It remains to be seen how the token will fare in the coming weeks, with its launch on Solana offering a much-needed boost to the blockchain. Whether the token will continue its surge over the next few months or not, remains to be seen.