How Solana Price Was Rescued By Unlikely Meme Coin BONK - Where Next for SOL Price?
Solana's (SOL) recent recovery after its FTX-fueled downfall has been nothing short of impressive, with staggering gains of 76.21% in the past month. 56.31% of those were in the last 2 weeks, and 28.53% in just the past week.
Despite hitting a low of $8.14 on December 29, the token has seen a dramatic resurgence thanks in part to the introduction of BONK, the blockchain's first popular meme coin, on December 25, and is now trading around $21. But the burning question on the minds of many investors remains whether this upward trend is here to stay or simply a temporary BONK-backed rally?
The past year has been a challenging one for Solana, to put it mildly, with the cryptocurrency seeing a massive drop in value after the FTX scandal that saw its major backer go bankrupt. To add to the woes, in late December, the DeGods and y00ts projects, two of the most popular NFTs on the blockchain, announced they would be moving to Ethereum and Polygon in Q1 2023.
However, despite these setbacks, a glimmer of hope emerged in the form of the BONK token. A meme-inspired token similar to Shiba Inu or Dogecoin, BONK was launched on December 25, 2022, and immediately sent SOL's price soaring by 34% within 48 hours.
The price of BONK skyrocketed by over 3,000%, but crashed again a few days later and is now down over 73% from its all-time-high. Despite this, it still has a respectable market cap at $48,515,619, and has already brought attention back to Solana, which has risen to the be the 11th most popular cryptocurrency by market cap as of writing.
Solana-powered platforms like Magic Eden have shown interest in integrating BONK as a accepted currency on their platforms, and NFT projects like Jungle Cats have promised holders the opportunity to
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