Solana, a once–celebrated “Ethereum killer“, has seen a remarkable rebound in 2023. After collapsing more than 80 percent in 2020, the price of SOL has more than doubled this month, rising to $23.70 in the last seven days. It briefly bumped Polygon MATIC out of the top ten cryptocurrencies by market cap, and its price is at its highest point since the FTX crash. In one 24–hour period last weekend, Solana jumped 21 percent. The crypto market is watching to see if this rebound will be sustained.
The Solana community has been celebrating the success of BONK, a Solana–based meme token, which has been driving up the price of SOL and creating a buzz around the cryptocurrency. BONK joins Dogecoin (DOGE) and Shiba Inu (SHIB) as the latest dog–themed token to enter the marketplace. Topo Gigio, a Solana enthusiast, expressed his pride in the community for their hard work and dedication to the project, noting that it is the community that makes Solana feel like home.
BONK, a cryptocurrency token, experienced an eye–popping 3,300% spike in the first week of 2021, reaching a market cap of $57 million. This was followed by a five–trillion token burn, which caused the price to drop 69% in the following week. However, the price has since risen 20% over the past 48 hours. This may be due to the planned migration of Helium to Solana, which was announced in September. The migration caused the price of SOL to increase, while Helium‘s native token value decreased. The team behind Helium has expressed their support for the long–term benefits that Solana will provide, citing its fast transaction speed and ease of development.
