A recently launched Solana-based meme coin project is eclipsing giants like DOGE and SHIB. Behind the intense demand; Most likely, there was the news of the airdrop, which distributed 50% of the total supply to users.
DOGE and SHIB face off against a new Solana-based competitor
The related meme coin Bonk Inu (BONK) has been breaking records in terms of trading volume since it opened for trading on December 29. BONK price gained more than 650% in just 4 days. Accompanied by this, the increase in trading volume exceeded 1800%. Behind the intense interest is its airdrop to several Solana NFT projects. In summary, Bonk Inu announced last week that it will airdrop 50% of its token supply to users. The news was followed by a price increase that remained above 100% even at the time of writing:
BONK has surpassed $19 million in on-chain volumes in just 24 hours. As of December 25, Bonk has more than 85,000 owners and a market capitalization of approximately $93 million. According to the data, users performed more than 500,000 transactions using bonk tokens last week.
Why is Bonk Inu (BONK) rising?
The airdrop most likely attracted a lot of attention from the community, so it turned out to be similar to the Aptos rally that took place last year. In details, 20% of the total airdrop supply went to Solana NFT collections and 10% to Solana focused artists and collectors. Ahead of the airdrop event, multiple projects started integrating their native tokens with Bonk Inu (BONK).
https://twitter.com/MagicEden/status/1610007500928991232
Some Solana projects have already integrated the BONK token to be used as payment for listed NFTs, while others have introduced “burn” mechanisms for NFT-based events. Apart from this, BONK continues to attract investors on a global scale by quickly entering the list of centralized exchanges.
BONK prepares for MEXC list
Mexico-based cryptocurrency exchange MEXC Global reported that it has listed the BONK/USDT pair in a new announcement today. Transactions are currently active. Withdrawals open at 14:00 on January 4th.
https://twitter.com/MEXC_Global/status/1610137264797134850
In the meantime, we should state that we still have limited information about Bonk Inu. The white paper link on the official website of the project is still inactive.
How about DOGE and SHIB?
Both memes were falling slightly at the time of writing in the coin. Meanwhile, Solana (SOL) was one of the top 50 green names, gaining around 15% in the last 24 hours. As with Bonk Inu (BONK), the SOL price has been welcoming new buyers since the new year. As Kriptokoin.com, we have included why Solana has risen in this article.
