Solana (SOL) Gradually Recovers Amid Bonk (BONK) Popularity
Altcoin Solana (SOL) is up more than 8% in the past 24 hours, even as larger cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) remained virtually unchanged after the weekend.
The SOL traded at over $11 on Tuesday after nearly nine days of continuous decline when it traded at just over $8 on Friday. The pressure to sell the tokens at the time stemmed from their close ties to Sam Bankman-Freed, the disgraced founder of the FTX crypto exchange, who has been charged with fraud and misappropriation of client funds.
Part of Solana’s recovery came amid growing interest from Solana community members in the recently released Bonk (BONK) Shiba Inu token. According to the announcement last week, 50% of the issued tokens will be distributed to users.
The airdrop likely generated huge community interest, with 20% of the total airdrops going to the Solana NFT collections, comprising 297,000 individual NFTs, and 10% going to Solana-focused artists and collectors.
Bonk’s (BONK) capitalization has increased by more than $19 million in the last 24 hours alone. As of Tuesday, since its release on December 25, Bonk has over 85,000 holders and a market capitalization of nearly $93 million. The data shows that over the past week, users have made over 500,000 transactions using Bonk tokens.
Several Solana projects have already integrated Bonk tokens for use as payments for listed NFTs, and some have introduced “burn” mechanisms for NFT-based events. Burning tokens means removing coins from the overall supply of cryptocurrencies.
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