Final week, Solana (SOL) fell to its lowest stage since February 2021. However its value has risen over 12% previously 24 hours on Tuesday after nearly 9 days of consecutive losses that introduced its value to round $8 on Friday.
Amid Solana’s motion, the 2 largest cryptocurrencies by market cap — Bitcoin and Ethereum — each shifted lower than 1% previously 24 hours, exhibiting some stability.
Solana has been risky for quite a lot of causes in latest weeks, together with certainly one of its most outstanding backers being the now-disgraced former FTX CEO Sam Bankman-Fried and top NFT projects planning to leave its blockchain.
However some are crediting the latest spike to curiosity from Solana group members in Bonk (BONK), a brand new meme token that airdropped about 50% of its 56 trillion token provide to customers final week. Airdropping is when a cryptocurrency sends a free provide of its token to quite a lot of crypto wallets in a option to acquire customers or reward loyal group members.
“We’re right here to reward everybody that made #Solana what it’s in the present day,” the Solana-focused canine coin tweeted a couple of month in the past earlier than gaining traction.
About 20% of Bonk’s whole airdrop provide went to Solana NFT collections, which consisted of virtually 300,000 particular person NFTs. The Shiba Inu–themed cryptocurrency has risen about 96% previously 24 hours, based on CoinGecko data.
Whereas Bonk positive factors steam, it’s extremely possible that it’s going to have an analogous destiny to different meme or dog-focused crypto tokens that always see a pump, adopted by a steep dump and little to no restoration. Within the meantime, nevertheless, it has helped the Solana ecosystem acquire momentum in a time when many crypto gamers noticed it as a goner.
As there was some slight restoration for Solana, its future stays unsure even amid its canine coin–associated hype. As of in the present day, Solana has dropped from being the fifth-largest token in early November to the fifteenth largest and is the primary trending cryptocurrency on CoinMarketCap.