Solana blockchain’s SOL sees an increase of 36.5% with 2023’s arrival

The Solana blockchain’s SOL has suddenly witnessed an enormous jump to the tune of 36.5%. This, however, is being attributed to the growing interest and inclination towards BONK, which happens to be a newly introduced meme coin. This meme coin was airdropped to persons connected with the Solana ecosystem on the 24th of December, 2022. Due to this activity, there has been a market capitalization of more than $100 million. 

According to the Head of Strategy and Communications at the Solana Foundation, Austin Federa, and what he happened to have divulged to The Defiant, the deliverance of the fresh meme coin BONK has generated a massive amount of curiosity and interest amongst the connected community. Also, per his viewpoint, it seems to be a temporary phase wherein people are engaging themselves with it, as the overall scenario related to crypto has been quite dismal in the recent past. 

Further, where BONK is concerned, all transactions seemingly near non-existent are witnessing a rise of more than 88,400 as of the 3rd of January, 2023, and on an hourly basis.  

The image being created for BONK is that it is the first dog coin about the Solana ecosystem. This happens to be about the fact that canine coins have indeed attained a certain measure of success. This is despite the accepted fact that they are pretty mystic in their features. 

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One of the best examples of this happens to be Dogecoin, which boasts a market capitalization of almost $10 billion. Where Solana’s DeFi ecosystem is concerned, it has seen a downward slide of approximately 70% within a period of simply ten days. This occurrence took place following the downfall of FTX. However, it becomes extremely pleasurable for Solana enthusiasts to know that the Solana blockchain ecosystem isn’t surrendering in any which way, instead strongly moving forward.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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