In the last 6 days, this altcoin, the first meme crypto on the Solana blockchain, has increased by 4335.25%, raising the price of the SOL token.
Altcoin started to be listed
BONK has increased by 4335.25% in the last 6 days. This is the first meme cryptocurrency on the Solana blockchain and was responsible for boosting the price of the SOL token last week. Solana was heavily influenced by the Alameda research and his relationship with the leading crypto exchange FTX, which collapsed. Since FTX filed for bankruptcy, the price and trading volume have been falling sharply.
Huobi exchange, MEXC Global and Bybit also announced that they have listed the token due to the increasing interest among investors. BONK has been compared to meme cryptos like Dogecoin and Shiba Inu, which have largely won in the bull market.
Solana co-founder made statements
In the midst of all this, Solana’s co-founder took to his Twitter account to talk about the decentralized system and the social layers within it. He says L1 blockchains are a confluence of social networks, financial systems, government systems, national governments, cultural movements, payment networks, hft exchanges, consumer goods, and memes. He adds that perfecting any of these on the L1 blockchain is difficult, and getting it completely right seems impossible. The past few weeks have been an important step forward in verification, but there is still a ton of work to be done. He added that highly talented engineers are working on it.
there’s still a ton of work ahead (mostly for several orgs of insanely talented systems engineers, who seem borderline masochistic) but the past few weeks have been a huge leap forward in the validation of this monolithic decentralized state machine and its social layer.
— raj (@rajgokal) January 5, 2023
Bonk sees a 1004.64% increase in trading volume in the last 24 hours. The market cap of the crypto is 228,752 million USD. The cost of each BONK token is 0.000004122 USD, up 138.61% in the last 24 hours. However, Solana is down 5.33% in the last 24 hours and trading volume is down 43.33% compared to the last day. However, the crypto has seen a huge bounce in the last 7 days, as high as USD 14.03. cryptocoin.comAs we mentioned, it was trading at 8.1689 USD on 30 December 2022 and is trading at 13.25 USD on 5 January 2023.
Shiba Inu announces Shibarium launch cue amid BONK enthusiasm
The Shiba Inu ecosystem is back in the news with updates on the Shibarium beta launch, an increase in burn rate, and a surge in token prices. Shibarium Network, the official Twitter account of Shiba Inu’s Layer-2 Shibarium blockchain, posted its first tweet regarding the upcoming launch of the Shibarium Beta Network. Several Shiba Inu developers and influencers retweeted the original post and mentioned that the announcement was necessary. Indeed, the announcement was necessary to convince the Shiba Inu community of the expected launch of the Shibarium blockchain in early 2023. SHIB core developer Shytoshi Kusama and the Shiba Inu ecosystem gave a few hints about the Shibarium beta launch.
The rise of rival meme coin BONK has overshadowed the crypto community’s support for Shiba Inu and the upcoming Shibarium beta launch. Solana-based meme token BONK is up nearly 4335% in a week from its low of $0.00000009197. Shiba Inu burn tracker Shibburn reported in a tweet on January 5 that 113,660,903 SHIB tokens have been burned in just 7 transactions in the last 24 hours. Among the speculations of the Shibarium launch, Shiba’s altcoin burn has also increased drastically over the past few weeks.
