We witnessed a unique surge in price, which appreciated over 89 times in about 42 days, healing the wounds of patient investors. When a stock exchange or a cryptocurrency project is hacked, teams try to do something to compensate. Airdrops often provide the desired return in such events. However, the Solana ecosystem managed to achieve this, albeit belatedly.
BONK Coin
At the beginning of this year, an airdrop was conducted for reasons such as protesting the collapse of FTX, and compensating for some of the community’s losses. The BONK Coin team made a deal with some protocols in the Solana ecosystem and gave BONK Coin to those who used them and to some holders of NFT collections. In its early days, it was so worthless that people made fun of it.
However, as time went on, things got serious and in the last 49 days, BONK Coin’s price increased by more than 8900%. This corresponds to massive amounts for a user in the Solana ecosystem who has been victimized and received an airdrop. Of course, this applies to those who have patiently held onto their tokens and have not sold them to date.
BONK and Solana (SOL)
The success of this meme coin also led to a revival of the Solana ecosystem. BONK Coin, which surpassed its target in January, also significantly drove up the price of SOL Coin. Now, both the Solana ecosystem is growing, and the SOL Coin price is making investors happy with BONK’s support.
Richard Wu, the co-founder of Solana’s NFT marketplace Tensor, said the following in recent days;
“This is no longer just a meme, it is a philosophy of belief.”
BONK Coin not only saved Solana from the effects of FTX but also with the promise of an airdrop, it exploded the sales of Solana’s mobile device, Saga. It is still a new meme coin and seems to have reached the ATH level on the Binance exchange for now. If this is the case, we may see a BONK Coin price shaped by the general market sentiment in the next period.
On the other hand, meme coins tend to see ATH after being listed on Binance. We had experienced this clearly with PEPE Coin. However, in the case of Shiba Coin, the Binance ATH was seen months later. If we consider the Shiba Coin period as the eve of the second rise, if the general market sentiment turns positive in the first quarter of 2024, BONK Coin may also move towards eliminating one more zero.
Perhaps the price will go to zero and be delisted – it is hard to predict because the cryptocurrency markets are extremely risky. Meme coins are the riskiest category in this field.
