The global crypto market cap is $ with a 24-hour volume of $. The price of Bitcoin is $16,673.42 and BTC market dominance is %. The price of Ethereum is $1,211.63 and ETH market dominance is %. The best performing cryptoasset sector is Media, which gained 12%.
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Bonk is blowing up on social media and the project claims to want to bring fairness and fun back to Solana.
Cover art/illustration via CryptoSlate
Dogecoin-rival Bonk sees explosive growth to post 380% gains since the start of the new year.
Buoyant price performance pushed the token to a new all-time high of $0.000000972799 in the early hours (UTC) of Jan. 3.
Scant details are available on the token. For example, the whitepaper appears unlinked on the website as of press time, and CoinMarketCap shows little background information on the project.
However, since trading opened on Dec. 29, BONK has recorded 653% gains. Similarly, trading volume has snowballed over the last 24 hours, growing more than 1,800% to over $5 million.
The arrival of the Solana-based meme token comes at a time when the chain is undergoing a crisis of confidence over its ties to the disgraced FTX exchange.
Social media mentions of Bonk have flooded users’ timelines.
Posts include mentions of airdrops, giveaways, meme posts, and comments on saving and uniting the Solana community during this challenging time.
However, among the many posts are also undisclosed promotions from known shill accounts.
Despite that, as evidenced by Bonk’s strong price performance, interest in the project is intensifying. So much so that Solana’s leading NFT marketplace by volume, Magic Eden, mentioned Bonk as a candidate for platform integration.
The crypto market has no shortage of doggy meme coins. While Shiba Inu came close to overtaking the original in terms of market cap last spring, none to date have managed to oust Dogecoin from the top-dog position.
According to the Bonk website, and similar to Dogecoin and other Inu tokens, the project is “for the people, by the people,” with 50% of the five trillion token supply airdropped to wallets that participated in the top 40 Solana NFT projects, early open-book traders, Solana artists, collectors and devs.
The project came about as a direct consequence of “toxic ‘Alameda’ tokenomics,” and intends to bring fairness and fun back to the Solana community.
The Bonk contributors were tired of toxic “Alameda” tokenomics and wanted to make a fun memecoin where everyone gets a fair shot.
As of Jan 3, 11:00 (UTC,) the MEXC exchange will list Bonk for trading with a USDT pairing.
Samuel is a strong believer in individual autonomy and personal freedom. He is a relative newcomer to the world of cryptocurrency, having first bought Bitcoin in early 2017, but keen to make up for the lost time.
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Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide..
Solana is a single-chain, delegated-proof-of-stake protocol whose focus is on delivering scalability without sacrificing decentralization or security.
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
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