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SOL Up 13% as Hype Around Solana's Meme Coin Breaks Out

Mon, 01/02/2023 - 10:40
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Gamza Khanzadaev
SOL spikes big in new year as SHIB rival on Solana gets traction
SOL Up 13% as Hype Around Solana's Meme Coin Breaks Out
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The price of SOL increased by more than 13% during the day, which at first seemed to happen for no apparent reason. However, it turned out that the reason for the growth of token quotations, which a couple of days ago broke through another bottom, was a new meme coin, which suddenly blew up the media around Solana.

Solana (SOL) Supported by Top Analyst Despite Meltdown; Why?

Another one

Of course, this token, called BONK, again has an avatar in the form of a dog, those are the rules of the game. The name of the token refers to a famous meme, and it is probably the first meme coin on Solana to make such a splash. BONK volumes in the last 24 hours have grown by more than 6,500%, and its price by almost 120%.

At the same time, the token is starting to be accepted by various marketplaces on Solana as payment, and Solana Foundation's Head of Strategy and Communications Austin Federa admits that he has always loved some dog money.

Ark Invest's Ex-Lead Says He's Buying Solana, Here's Why

Friendly reminder

Despite the hype and double- and triple-digit metrics growth, something already forgotten during the last year of harsh crypto winter, it is worth being careful with investment decisions regarding such crypto assets. The hype will pass, but the risk of being left with nothing in the portfolio balance or worse, getting into some honeypot scam is always there.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.