Investing.com – While the has remained broadly stable through the end of 2022 and so far into 2023, that is not the case for all cryptocurrencies.
Indeed, the BONK crypto, based on the Solana blockchain, and which was launched on December 25, exploded up more than 1800% since the beginning of January with a record at $0.000003944 early this Thursday, against, $0.0000002000 on January 1st.
As of this writing Thursday morning at 4:30 CET, the BONK crypto is showing a 200% 24-hour uptick.
Note that BONK is a “crypto-same”, modeled on the or .
“We’re here to reward everyone who made Solana what it is today,” Bonk developers posted on Twitter (NYSE:) last month.
Note that BONK’s rally was aided by an “airdrop” that saw free tokens distributed to Solana developers and Solana-based non-fungible token (NFT) collectors. About 50% of the 56 trillion bonk was sent in the past week.
Note that the resulting explosion in the price of the crypto BONK has also benefited , whose blockchain serves as the basis for BONK. The SOL is indeed showing a gain of more than 30% over a week at the time of writing this article.
As to whether the rise of the BONK will continue, caution remains in order. As with any crypto-meme, BONK’s price took off primarily through social media hype, including influencers with large followings, generating a sense of “FOMO” that quickly propelled prices higher. .
However, BONK is far from the first project to attempt to replicate the success of DOGE or SHIB, and history reveals that most have failed. After a nearly 2000% gain in less than 5 days, staying away might therefore be the wisest choice.