Solana’s BONK gains momentum
Solana’s new memecoin, BONK, is gaining attention in the cryptocurrency world. It recorded a sharp rise of 2,247% in just two months before being listed on major cryptocurrency exchanges such as Coinbase and Binance.
Arthur Hayes, co-founder of cryptocurrency exchange BITMEX, expressed support for BONK, saying, “Let’s do the damn thing. $BONK > $SHIB.”
A surprising twist in Bonk’s market capitalization journey
Bonk’s journey coincides with Solana’s 471% year-over-year increase. The free $BONK airdrop led to its first surge in popularity among Solana community members. Things got even more exciting with Solana’s announcement of a $BONK airdrop for SAGA Web3 smartphone buyers. The phone experienced a sell-out in the US, with bidding on eBay reaching 10 times the original price, largely driven by enthusiasm for the 30 million BONK airdrop.
Kyle Chassé, a prominent Bitcoin whale, echoes Hayes’ sentiments, emphasizing the role of memes in driving cryptocurrency adoption. “Memes are driving adoption in this cycle and bringing norms to the cryptocurrency space,” he says.
BONK vs. SHIB: A Comparison
Despite Bonk’s advancements, its chances of surpassing Shiba Inu (SHIB) remain uncertain. Shiba Inu’s market capitalization peaked at $40 billion in October 2021, and BONK’s market capitalization peaked at $2 billion. SHIB currently maintains a market capitalization of $5.9 billion, solidifying its position among long-term cryptocurrency investors.
Bonk, now ranked 57th, briefly reached a market capitalization of $2 billion, but has since fallen to around $1.18 billion.
Adoption of MEMCOIN and blockchain
The rise of Bonk highlights how memecoins can play a critical role in the widespread adoption of blockchain technology. Their appeal goes beyond existing cryptocurrency enthusiasts and is attracting new participants to the cryptocurrency world.
BONK’s rise is notable, but its ability to maintain momentum and truly challenge established players like SHIB remains unresolved and potentially a limiting factor on its journey.