Solana’s meme coin, BONK, has surged by 200% in the past two weeks, hitting a market cap close to $3.7 billion.
Although each token’s value is small, those who received free BONK tokens in 2022 are seeing substantial gains. The airdrop, distributed to LamportDAO developers, gave them 25 billion tokens worth $300 at the time, now worth over $1.3 million.
The token’s launch came during a tough period for Solana, following the FTX collapse, but BONK provided a boost to the ecosystem. It quickly became a symbol of hope for Solana’s community, offering much-needed relief to developers who had been struggling. For example, one developer used their airdrop to pay two months’ worth of rent, while others sold their tokens for essential expenses.
While some developers sold their airdropped tokens immediately, others who held onto them are now benefiting from the substantial price increase. The initial BONK distribution reached 5% of the total token supply, meaning that many Solana network participants, from DeFi traders to NFT creators, were able to benefit from the unexpected windfall.
For some, this has turned into a lifeline, helping them weather the tough crypto winter and continue working on projects within the Solana ecosystem. The recent price spike has left many developers reflecting on missed opportunities, but the situation has undeniably helped the Solana community regain momentum.
Ethereum (ETH) has gone down by 2.4% in the past 24 hours and currently sits at $2,580 in what has been mostly a red week for the crypto market. Trading volumes have retreated by 5% during this same period, indicating that the selling spree is not that strong at the moment. However, crypto liquidations have […]
A China-based tech company is taking a bold step into the world of digital finance, despite the country’s strict stance on cryptocurrency.
Following a major security breach at decentralized exchange Cetus, the Sui blockchain has moved swiftly to recover user funds.
Stablecoins are no longer a niche tool within crypto—they’re rapidly becoming embedded in global commerce.