Solana (SOL) has been rallying for days – boosted by the meme coin BONK. Just a police trap – or is there more to it?
BONK inspires SOL
For weeks Solana (SOL) was down, now the Ethereum competitor has been moving in the opposite direction for days, pumping like there is no tomorrow.
Solana is currently trading at $16.19 after rising almost 19% in the last 24 hours (data from Coinmarketcap.com). The smart contract platform is worth as much as it was at the end of early November. Possible reason for the performance: The new meme coin BONK.
It came, saw – and conquered, at least felt: BONK was able to generate a price gain of more than 2,000% within a few days, thus attracting the attention of crypto investors plagued by the bear market. BONK pumped from $0.0000002 to $0.000004568 in a very short time – no other cryptocurrency can match that in the current market environment.
That’s not all: at the same time as the price explosion, the BONK developers revealed that they had burned 10 million dollars worth of tokens! The team on Twitter:
“BONK represents the best of Solana. Our community works together across the ecosystem to achieve positive change for all of us.
The 5 trillion $BONK tokens allocated to The Team have been burned.”
Background: If tokens are burned (ie destroyed), this reduces the number of coins in circulation. As a result, the cryptocurrency becomes rarer and therefore potentially more valuable. Solana explorer Solscan shows: The supply of BONK has dropped to 94.12 trillion tokens after the burn.
Meanwhile, Shiba Inu and Dogecoin competitor had to give back some of its profits – it is currently trading at $0.000001638 after daily losses of around 19%. Nevertheless, several investors are currently looking at the meme coin – and its “parent currency” Solana (SOL).
It was able to recover brilliantly during the BONK hype: SOL, meanwhile, has doubled its value from the December low of just under $8. A 100% bull run within days – making many investors sit up and take notice: Could Solana build enough momentum to continue higher? Will BONK bring Solana out of her deep valley of grief? Should you buy Solana now?
Solana price prediction 2023
Forecasts for Solana have pointed to a recovery for some time. The tenor: Fundamentals are strong, Solana will recover as soon as the asset gets enough distance from the spectacularly failed crypto exchange FTX.
Industry watcher Mike Dudas, for example, comments bullishly:
“SOL up 2x from scratch in 10 days – when many said it would cost $0
Technology, products and community are too strong
The people who matter are still here – and many more are on the way…”
Alongside BONK, NFT trading volume has also skyrocketed in the Solana ecosystem, data from The Block shows. In particular, the NFT projects DeGods and y00ts inspire the network.
A return to the all-time high is still a long way off: the 1-year forecast from Gov.capital, for example, sees the SOL price at a maximum of $169.45 in a year.
Top Crypto for 2023? Fight Out Coin (FGHT) is off to a strong start in pre-sales
How quickly Solana (SOL) can recover is still in doubt – but forecasts are already expecting a stellar performance for Fight Out Coin (FGHT), a new fitness cryptocurrency. The project is not only positioning itself as a digital asset, far from it – the creators behind the coin actually intend to establish a new, crypto-based fitness studio chain at the same time! The goal: to revolutionize two entire industries.
In fact, Fight Out Coin could fundamentally change both the fitness and health industry because: Users should be rewarded for all physical activities with a cryptocurrency! So Fight Out Coin wants to bring lots of Web2 users into the Web3 world – and do it much more innovative and complex than Move-2-Earn top dog Stepn Coin (GMT)!