- Solana price generated gains of 15% in the last 24 hours for holders, as the largest cryptocurrencies struggled to recover from losses.
- SOL's price recovery was partially supported by a recently launched theme token on the NFT MagicEden market, Bonk (BONK).
- Bonk is a Shiba-Inu-themed cryptocurrency that assured merchants that 50% of its supply would be sent to users.
Solana price wiped out its losses of the past two weeks with a 15% gain overnight. The Ethereum alternative outperformed large market cap cryptocurrencies like Bitcoin and Ethereum. The arrival of a new Shiba-Inu-themed cryptocurrency on the Solana NFT marketplace, MagicEden, and the project's announcement of the 50% airdrop of its token is one of the factors driving the rally.
Solana Price Rise Sparked by New Dog-Themed Cryptocurrency
Solariumthe Ethereum alternative, began its rally with overnight gains of 15% on January 3. The public blockchain platform with smart contract functionality saw a recovery in its price after leading NFT exchange MagicEden announced the listing of a recently launched theme token.
Bonk (BONK) is a dog-themed cryptocurrency inspired by the Shiba Inu dog like coins meme Dogecoin and Shiba Inu. The announcement fueled interest among Solana community members and the team announced that around 50% of the token supply would be sent to users over the air. An airdrop is a distribution of a token, usually offered for free in exchange for completing simple tasks. Airdrops distribute the supply of a token to numerous wallet addresses on the Internet.
The airdrop attracted a lot of interest from the community and 20% of the token supply will go towards Solana's NFT collections, 297,000 individual NFTs. 10% of BONK is reserved for Solana-focused artists and collectors in the ecosystem.
It's a new year, maybe we should integrate some new cryptocurrencies or chains
should we start with $BONK? I dont know
โ The Magical Eden (@MagicEden) January 2, 2023
The volume of trade in the chain of bonk exceeded $19 million in the last 24 hours, confirming the interest of the SOL community. Since its issuance on December 25, Bonk has more than 85,000 holders and a market capitalization of almost $93 million.
Interestingly, Solana-based projects have integrated BONK tokens as payment methods for their listed NFTs, increasing interest and utility.
