Solana, one of the most popular cryptocurrencies, has gone up more than 40% in the last seven days behind BONK, a token that has recently made its debut in the Solana ecosystem.
Released Dec. 25, BONK is a Shiba Inu inspired meme and has a dog avatar. BONK is described as “Solana’s first dog coin for the people, by the people.” For this reason, 50% of the tokens must be owned by the SOL community to pay for them when the FTX in Alameda collapses, according to a statement posted on the token’s website.
“The Bonk community is fed up with the toxic ‘Alameda’ tokenomics and wants to create a fun coin where everyone gets a fair shake,” the statement read.
In the last 24 hours, BONK jumped 42.90%, according to data from CoinMarketCap. This increase has also led some SOL traders to believe that the trading volume of the token could boost Solana’s price, thereby increasing BONK.
SOL’s recovery comes after the cryptocurrency fell to $8.30 on December 21. 29 when he was caught in a massive loss following the implosion of FTX and Alameda Research.
Solana Struggles to Recover Following Mass Dump and Ecosystem Exodus
As reported by ZyCrypto, Sam Bankman-Fried from the public support for Solana and the revelation that Alameda held a significant part of SOL and the balance sheet painted the cryptocurrency in a bad light, leading to a dump. mass retail. Between Nov. 7 on Dec. 29, 2022, SOL lost more than 77% of its value, bringing the total economic loss to more than 96%.
Solana has also seen a large exodus of ecosystem-based services, with non-fungible token (NFT) company Dust Labs announcing plans to merge two of Solana’s most successful NFT projects, DeGods and y00ts, with Ethereum and Polygon.
As the dust settles on the FTX saga following the arrest of Sam Bankman-Fried, the Solana community seems to be coming together in hopes of reviving SOL’s lost glory. In the past three weeks, the call for cities to focus on environmental development and growth, as opposed to marginal, has increased.
Last week, Ethereum co-founder Vitalik Buterin expressed his support for SOL, stating that “the chain has a bright future” after the recent selloff removed “the monstrous financial opportunists.” He went on to say that he hopes that the people of Solana will have a chance to prosper.
SOL is trading at $13.19 after falling 1.22% in the last 24 hours.