Bonk, a meme token modeled after Shiba Inu (SHIB) which launched on December 25, is skyrocketing and some traders believe that the trading volume of the token may drive up the price of Solana (SOL). In the last 48 hours, the SOL price has risen by 34%, and in the last 24 hours, Bonk has risen by 117%, according to data from CoinMarketCap. While the broader cryptocurrency market remains suppressed, traders hope that Bonk can present new opportunities during the recession.
According to the project’s website, Bonk is the first dog token on the Solana blockchain. Initially, 50% of the token supply was sent from the air to Solana users with a mission to eliminate the Alameda-style toxic token economy. The airdrop resulted in more than $20 million in trading volume according to Solana’s decentralized Orca exchange.
Liquidity providers (LPs) will benefit from interaction with Bonk, and on January 4, LPs are gaining more than 999% APR, which is much higher than the popular pair. SOL/USD Coin (USDC).