A newly launched altcoin based on Ethereum (ETH) competitor Solana (SOL) is in the middle of an explosive rally, defying the broader crypto markets.
Bonk Coin (BONK) is a meme coin built for the Solana community to re-energize itself following the collapse of FTX and its subsequent effect on SOL, which ended up dropping nearly 97% from all-time highs after the debacle.
According to the project, Bonk contributors were tired of toxic “Alameda” tokenomics and wanted to make a fun memecoin where everyone gets a “fair shot.”
Bonk Coin’s ecosystem includes a decentralized application (DApp) that allows users to pay BONK in exchange for “bonking” a picture of Sam Bankman-Fried with a baseball bat, burning a portion of their tokens.
50% of the total supply of BONK tokens was airdropped to Solana holders, and at time of writing, BONK has a market cap of $51 million.
BONK launched at a price of $0.000000086142 and exploded to $0.00000127, marking a rally of about 1,374% in a matter of about five days.
The new Solana-based Dogecoin imitator has since cooled off, currently trading about 39% from its all-time high but still 957% up from its launch price.
Rallying alongside BONK, Solana has also exploded in the last week, jumping over 60% from its local low of $8.30, currently changing hands for $13.33.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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