Of Bonk’s lift-off in 2023 and its impact on Solana

• Bonk emerges as the highest gainer in 2023.
• As a result, Solana’s volume and TVL increased.

A recent CoinGecko report revealed that Bonk [BONK] emerged as the top gainer among major assets in 2023. This meme coin, introduced on the Solana [SOL] blockchain, witnessed an impressive gain of over 7,300% in value in the year.

Despite being introduced before 2023, Bonk gained significant momentum during 2023, leading to its listing on various exchanges.

What were the top crypto gainers of 2023?

Our study shows that the top 10 crypto gainers saw returns ranging from 632.8% to 7,302.9%.

Read the full study: https://t.co/VnUOm17Aum pic.twitter.com/XHxovk8SRw

— CoinGecko (@coingecko) January 3, 2024

How the Solana-based Bonk has performed

AMBCrypto’s examination of the Solana-based token showed a positive beginning to 2024. On the 1st of January, BONK noted a 13% increase in value.

However, by the close of trading on the 2nd of January, it had experienced a decline of over 10% in value. As of the current writing, the token was trading with a slight gain of nearly 2%.

Source: Trading View

How the Bonk listing impacted Solana

An examination of Solana’s volume on DefiLlama showed a positive impact on the network following Bonk’s listing on major exchanges. The volume chart illustrated a notable rise around the 15th of December, coinciding with Bonk’s listing.

Before this, the volume had gradually risen, but it experienced a significant increase on the 15th of December, reaching over $1.4 billion. 

The volume continued to rise in the subsequent days, peaking at over $2.6 billion on the 22nd of December. This marked the highest volume the network had witnessed since its launch. As of press time, the volume was around $5.45 million.

Furthermore, the Total Value Locked (TVL) demonstrated a substantial increase towards the end of the year. The TVL chart indicated a gradual rise starting around November 2023, with a pronounced rise aligning with the increased volume.

During November 2023, the TVL was around $653 million. However, at press time, the TVL was over $1.47 billion, showing the positive impact of Bonk’s listing on both volume and Total Value Locked on the Solana network.

How SOL has reacted

According to data from CoinGecko, Solana experienced the sixth-highest gains in 2023, with an increase of around 974% over the year.

Read Solana’s [SOL] Price Prediction 2024-25

A closer examination of the daily timeframe chart revealed a substantial upward trend in its price, particularly in the final month of 2023. During this period, the price of SOL rose from around $70 to over $100.

SOL maintained its position within the $100 price range, trading at about $108 as of this writing. While the chart showed some recent declines in the past few days, the overall trend remained above $100.

Source: Trading View