The crypto bulls are trying their best to get the market back on a bullish track and recover.
However, there is one altcoin that has excelled in the bullish momentum. Solana, the top 15th largest cryptocurrency by market cap, has gained a whopping 20% in the last 24hrs and surged nearly 40% in the last seven days.
At the time of writing, Solana is selling at $13.96 after a gain of 17.6% on the last day.
Solana Price Surges By 20% With BONK
This price surge comes amidst the launch of the new Shiba-Inu-themed token ‘Bonk’ (BONK). BONK mainly generates airdrops to Solana NFT, anti-Alameda Research sentiment to improve the community environment. It’s a known fact that after the Alameda and FTX collapse, the crypto community bore a massive negative impact, and the Solana network was on the receiving end as well.
However, after Solana had its first BONK airdrop, SOL picked up its pace leaving behind meme currencies like Dogecoin and Shiba Inu. In the last 24hrs, BONK has gained the highest trading volume after USDC and SOL. On the other hand, BONK’s first 20 holders have accounted for 50% total supply and BONK DAO holds 15% of its total supply.
Currently, Solana’s price is struggling to move past $15, but if SOL successfully manages to move beyond the said barrier, Solana is expected to see another 20% surge. Meanwhile, currently, BONK is selling at $0.000001793 with an upswing of 86% in the last 24hrs.
It is observed that the major factor that is pushing the BONK price rally is its acceptance from the NFT market. However, if the BONK holder decides to sell off, the move will pull back SOL towards $10.
Source: https://coinpedia.org/altcoin/heres-how-the-new-bonk-token-is-influencing-the-solana-sol-price/