Solana-Based Viral Memecoin Is Up 2,500% Despite Brutal Bitcoin And Ethereum Crypto Winter Price

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BitcoinBTC, Ethereum, and other major cryptocurrencies are currently in the midst of a crypto price winter that has wiped trillions of dollars from the previously scorching market (and may be about to get worse).

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The price of some big so-called memecoinscryptocurrencies such as dogecoin and shib inu, which have exploded over the past two years, have crashed in recent months, but have held onto some of their gains better than many had planned, aided by Tesla billionaire Elon Musk.

Now, a solana-based cryptocurrency called bonk which is also based on the shib inu doge meme is attempting to recreate the success of previous memecoins by recording a 2,500% price hike despite the devastating crypto crash that plunged the biggest crypto companies in crisis.

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The price of solana-based bonk has skyrocketed since its launch, with developers hoping to find the same… [+] success at ethereum-based bitcoin-fork dogecoin and shiba inu.

NurPhoto via Getty Images

“Were here to reward everyone who made Solana what it is today,” Bonk developers posted on Twitter last month.

SolanaSOL, an Ethereum rival closely tied to the collapse of crypto exchange FTX and offering relatively high transaction speeds and low fees, has been hit hard by FTX’s implosion over the past few months, dropping the top ten cryptos. The price of solana, however, was boosted by the surge in Bonk prices, adding 35% over the past week.

Bonk’s huge rally, which has soared around 2,500% since its launch on December 25 and 150% in the past 24 hours alone, was helped by a so-called airdrop which saw free tokens given out solana developers and solana-based non-fungible token (NFT) collectors.

However, bonk is unlikely to retain these gains, despite several solana NFT projects deciding to integrate bonk. Over the past year, various viral cryptocurrencies have burst onto the scene, briefly burning but ultimately leaving investors out of pocket.

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Bonk, a solana-based memecoin, has added nearly 2,000% to its price over the past week, leaving the… [+] price of bitcoin, ethereum and other cryptocurrencies in the dust.

Coinbase

The game Squid, a cryptocurrency inspired by but not affiliated with the hugely popular Korean-language NetflixNFLX show of the same name, in 2021 saw its price skyrocket by over 100,000% in a matter of days only to crash into nothing.

Dogecoin, the largest memecoin with a market capitalization of nearly $10 billion, has been backed by tangential support from billionaire Tesla and Twitter owner Elon Musk who in recent years has declared himself the “dogefather” and has promised to put dogecoin on the moon through his rocket company SpaceX.

Meanwhile, some crypto market watchers believe the more developed crypto market could experience a rally, with non-bitcoin cryptocurrencies, sometimes called altcoins, making the biggest moves.

“These are further signs that the long sideways slide is ending, and we should be prepared for higher volatility, and this time it may be altcoins that come to life first, not bitcoin,” Alex wrote. Kuptsikevich, Senior Market Analyst at FxPro. comments sent by email.

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