A newly launched altcoin primarily based on Ethereum (ETH) competitor Solana (SOL) is in the midst of an explosive rally, defying the broader crypto markets.
Bonk Coin (BONK) is a meme coin constructed for the Solana group to re-energize itself following the collapse of FTX and its subsequent impact on SOL, which ended up dropping almost 97% from all-time highs after the debacle.
In response to the mission, Bonk contributors had been bored with poisonous “Alameda” tokenomics and needed to make a enjoyable memecoin the place everybody will get a “truthful shot.”
Bonk Coin’s ecosystem features a decentralized utility (DApp) that permits customers to pay BONK in change for “bonking” an image of Sam Bankman-Fried with a baseball bat, burning a portion of their tokens.
50% of the overall provide of BONK tokens was airdropped to Solana holders, and at time of writing, BONK has a market cap of $51 million.
BONK launched at a value of $0.000000086142 and exploded to $0.00000127, marking a rally of about 1,374% in a matter of about 5 days.
The brand new Solana-based Dogecoin imitator has since cooled off, presently buying and selling about 39% from its all-time excessive however nonetheless 957% up from its launch value.
Rallying alongside BONK, Solana has additionally exploded within the final week, leaping over 60% from its native low of $8.30, presently altering fingers for $13.33.
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