The renewed enthusiasm around Solana and theadd from same corner on several projects from blockchain network have supplied the rallyaccording to Kaiko.
Token price Bonk (BONK) exploded in December, rising by over 500%. Its price reached an ATH of just over $0.00003 last week after listing on Coinbase and Binance, before retreating to $0.00002.
In a market analysis published on Monday, Kaiko revisited the sharp rise in the price of same cornerwhose market capitalization now exceeds one billion dollars.
Recently, BONK has been adopted beyond its memes origins, with several Solana projects integrating the token for payments,” says the French data provider.
For Kaiko, the “renewed enthusiasm” around Solana also pushed up the price of the SPL token. The blockchain, which was formerly backed by FTX and Sam Bankman Fried, has “remained resilient” despite the heavy consequences of the exchange’s surprise bankruptcy. SOL significantly outperformed ETH in 2023, Kaiko also notes.
While BONK’s gains may not last forever, the token’s ascent highlights Solana’s near-miraculous recovery. At the beginning of 2023, many considered the ecosystem to be over, but today, DeFi protocols are thriving and developers continue to grow,” the report reads.
Crypto investors’ infatuation with the meme coin recently boosted sales of Solana smartphones, as the Saga offered access to a BONK airdrop. Solana’s mobile, which was struggling to sell and had its price cut by 2 this summer, is currently sold out.
Wow, what a day 🔥🔥🔥
We’ve officially SOLD OUT of Saga phones in the US! A huge thanks to everyone who’s been part of this journey ♥️
To our frens in Europe, we’ve still got a few left for you.
Stay tuned for what’s next
– Solana Mobile 🌱 (@solanamobile) December 15, 2023
More generally, meme coin trading volumes have been rising in recent weeks, topping $9 billion last week. However, it remains well below historical peaks, as can be seen on the chart below.
The 5 other main meme coins on the crypto market include DOGE, SHIB, PEPE, MEME and FLOKI.
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