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A dog-themed crypto built on the Solana (SOL) smart contract platform is booming despite recent struggles in SOL ecosystems.
Bonk (BONK), a new Dogecoin (DOGE) and Shiba Inu (SHIB) rival, has seen significant gains since its debut on December 29, 2022.
The meme asset rose from a weekly low of $0.00000008889 to a high of $0.00000439 on Thursday, a massive gain of 4,838%.
BONK has since pulled back and changed hands for $0.000002 at the time of writing, representing a gain of 1,665% in the past week and a decline of 38.73% in the past 24 hours. BONK’s rally comes at a time when the Solana is down more than 94% from its all-time high of $259.
Last week, SOL and its affiliated crypto assets were delisted by asset management platform Matrixport, which went so far as to say they would never list any SOL products again.
The news caused Solana to drop to $8.27 at the time. Ethereum’s competitor (ETH) has since stabilized and is moving for $13.26 at the time of writing, a 60% increase over the past week.
Solanas’ mini-recovery came after its developers received words of encouragement from ETH creator and billionaire Vitalik Buterin.
Earlier this week, Buterin said Solanas’ future looked good as the opportunistic money that had been invested there had been washed away.
Some smart people tell me that there is a community of serious smart developers in Solana, and now that the horrible opportunistic money has been washed away, the chain has a bright future. Hard for me to say [the] outside, but hopefully the community will have its fair chance to thrive.
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