The Solana (SOL) ecosystem and the project community, which wants to prevent the price drop, have launched a new fomo with the cryptocurrency called Bonk.
The most important energy source of the crypto money market is undoubtedly fomo. The crypto industry, which is still in its infancy and trying to increase its adoption rate, is growing by attracting new investors. The harsh conditions of the current bear market have made it difficult for new investors to enter the sector. The necessity of advertisements and marketing brought new methods to the agenda. One of them, and most importantly, is to create fomo in cryptocurrencies. The Solana ecosystem, which has recently been exposed to various fuds, and the SOL price have found a lifeline with a new fomo. A meme token called Bonk landed in the Solana ecosystem with intense interest.
Solana’s Fall Mobilized the Solana Community and Bonk was Born!
Solana (SOL) had entered a dangerous period with ecosystem losses and price declines. The popular project of the crypto market struggled to survive on the verge of fuds. SOL price, which shot $ 8 in a short time, returned to the level of $ 13 with the miracle created by the Solana community.
In Solana, the decline was exacerbated as several NFT platforms and ecosystem developers left the network. The project, which is said to be a new FTT and Luna, has become the most active and most profitable crypto money for a few days. Nothing changed or developed in the project. Only the community of the project managed to join hands to launch a new fomo. Attracting investors in hopes of becoming the new DOGE, this fomo introduced a new dog-themed cryptocurrency to the Solana ecosystem.
Solana, which fell as a result of the FTX bankruptcy and the emerging speculation, managed to become one of the most profitable cryptocurrencies of 2023. In the daily candles, the community was behind the SOL, which managed to green longitudinally.
The meme token Bonk, which appeared on the Solana network, has announced that it will hold a massive airdrop. Announcing that it will distribute about 50 percent of its supply to the Solana community, crypto investors flocked to the project. The cryptocurrency, which attracted great interest, realized an average daily volume of 6 to 10 million dollars. Investors started accumulating SOL as the airdrop conditions covered the Solana community. This situation brought with it a rise in the price of SOL.
The turn of things to the fomo side was with the involvement of Solana’s popular names. Many Solana entrepreneurs, investors, developers, and NFT designers have started posting for Bonk. Many crypto phenomena from Turkey also shared fomo creative posts about Bonk.
The meme token, which has become a trend, started to be listed one after another on central exchanges in a very short time. Fomo had been successful. Now Bonk was a Solana product listed on major crypto exchanges. But more began to come. Magic Eden, the largest NFT marketplace of the Solana ecosystem, made an interesting post about Bonk. The message was given that NFT trading can now be done with Bonk.
Almost the entire Solana ecosystem mobilized to raise the price of SOL and restore network activity. Of course, on the other hand, Bonk traders also managed to make money.
Operation Solana Successful! But Bonk Fomo May End Somewhere!
The operation launched to save the Solana (SOL) ecosystem and price has been successfully completed. SOL price experienced a strong uptrend, eliminating bearish scenarios and fuds.
The intense effort of Solana developers, ecosystem products and NFT platforms has attracted thousands of investors to the Solana ecosystem. Investors, especially those who want to earn Bonk, made thousands of SOL purchases. Solana’s network activity has been revived with Bonk, and the number of transactions has increased.
So what has changed in the Solana ecosystem in this process? Solana remains what she is when she falls into fuds and pressures. There has been no new development in the project yet. So the SOL ascension came about thanks to an artificially created fomo.
The “Solana sunk” conversations that have been circulating on social media in the past days have vanished into history with the latest fomo. According to current data, the number of people making bad comments about Solana has dropped by more than 85 percent. It is for this reason that the crypto market is included in the class of risky assets. The cryptocurrency market moves wherever the water flows. The main reason for this is that the current market conditions are bearish.
Many crypto investors and the Solana community have made their Bonk purchases from entry levels. However, Bonk experienced a rise of almost a hundredfold thanks to fomo. The meme token, with a current market value of $238 million, has had an inflated price in crypto terms. Attracting investors with airdrops, burns and events, Bonk is in danger of losing its fomo effect at the end of the day.
What is Bonk? Danger After Fomon!
Bonk, a new meme token emerging in the Solana (SOL) ecosystem, is a dog-themed cryptocurrency. The project has been released anonymously. However, Bonk argues that the project belongs entirely to his community. In addition, the project claimed that it had locked all its assets and was trusted.
First released on December 25, Bonk faced sudden interest. This was because the Solana community needed to create a new fomo. The airdrop team hosted thousands of new wallets.
He revealed the most talked about project of recent days, in which 50 percent of the token supply will be distributed to the Solana community. The project, which turned into a big fomo, approached a market value of $ 300 million.
But isn’t this fomo going to end somewhere? If we take what happened in the past as data, fomos rising on meme tokens have had an end somewhere. The reason may be that the sellers put pressure on the buyers instead of the buyers.
In the past, projects have attracted new buyers through a continuous marketing and engagement method. Investors who bought first, then began to sell to buyers. Over time, lost marketing and lost interest led to a lack of new buyers. After this situation, the selling pressure was embellished with the phrase “pocketing the profits”. New entrants had to get stuck in the project that was in decline. There is no certainty that these past situations will happen to Bonk as well. Because the example of Shiba is also on the table.
On the face of it, the cryptocurrency market is moving in a bear trend. A worst-case scenario is enough to exacerbate the collapse of all cryptocurrencies. After the FTX events, the cryptocurrency market experienced a drop of almost 15-20 percent.
If fomon runs out on the bonk side, sales may start coming one after another. This represents a strong drop for the meme token, which has reached a market cap of $300 million. Although the expectation of a decrease in Bonk is considered quite normal, this may also affect Solana’s side.
Solana had a serious rise with the Bonk fomo and once again settled above $10. However, the end of the airdrop events and the loss of interest on the Bonk side will also affect the SOL price. This situation, which is shown as an artificial rise, may be replaced by a decline over time.
When viewed with the logic of the past is the experience of the present, a fomo ending and a bearish chart come to mind on Bonk’s side.
2 Possible Scenarios on the Side of Bonk and Solana
The Solana (SOL) ecosystem has started to revive again. The biggest reason for this was fomo, which appeared on Bonk’s side. So what will happen next? Two possible scenarios are as follows:
1- Intense sales on the Bonk side and the resulting fud wave
These days, when the crypto money industry is moving in the bear direction, selling pressures are observed in many cryptocurrencies. Buying power can come in exchange for a possible news or fomo. The developments of crypto projects began to attract the attention of investors. However, the desire to make money and the activities that trigger it are effective methods for starting fomo.
Looking at the bonk side, the market cap stands out, almost surpassing many crypto projects. The meme token, which has reached a market value of $ 300 million, has not yet faced selling pressure. The fact that the project team did an activity every day and live marketing was a factor in this. However, if investors who are satisfied with Bonk’s rise start selling, it could cause the price to drop drastically. The appetite of buyers here may affect the severity of the fall. However, even on the Shiba side, there is not that much appetite yet.
The decline created by the selling pressure can be seen as the justified transactions of those who buy at low levels. However, this situation will begin to bring the fud wave with it. Investors who buy at peak points are always affected by price-based declines. This effect brings with it various criticisms and insults on social media. If this situation spreads, new buyers to Bonk will be distrustful.
Unable to attract new buyers and facing selling pressure, Bonk may set the highest price point and initiate a series of downward moves. The end of Bonk’s fomo and the declines will directly affect Solana. Because Solana achieved a rise thanks to Bonk. The reappearance of fearful people could push the SOL price back to the dangerous juncture.
2- Bonk team manages fomo correctly and turns it into a system
Emphasizing that money can be made in the bear market, Bonk has managed to attract thousands of crypto investors. Every day, new investors flock to the popular meme token. However, what the Bonk team and Solana community will do is important here.
Bonk team is having a fast week with airdrop distributions, events, burn scenarios and various activities. On the Solana side, Bonk’s support continues in the hope that Solana will return to its old days. However, this fomo is very apt to be replaced by fud in the first wave of sales.
In the second possible scenario, the Bonk team can manage the fomo properly. We’ve seen this before on the Shiba side. New moves and project developments by Bonk can make the project trustworthy. Investors who come with a fund and a desire to make money can stick with the project in hopes of a new Shiba.
However, this commitment will not be realized with its news to be listed on Binance. In the past, many projects brought Binance listing to the fore and attracted thousands of investors. However, when this listing did not come, it experienced a decline that would melt the assets of all its investors.
Bonk’s correct management of fomo and making it a system can be supported by the accompanying burns. The project listed on the exchanges may struggle to create an ecosystem over time. Although it does not cause a further rise, this may be important for its permanence.