- Solana soared as a lot as 20% in the past day on news of a Bonk token airdrop.
- Right after shedding virtually all its price in 2022 as Sam Bankman-Fried’s crypto empire collapsed, solana ended a streak of 9 consecutive losses.
- The Bonk airdrop is most likely staying employed for Solana-based non-fungible tokens.
Solana soared on Tuesday right after a token airdrop from shiba inu-themed Bonk sparked curiosity in the cryptocurrency.
Soon after dropping practically all its price in 2022 as Sam Bankman-Fried’s crypto empire collapsed, solana finally finished a streak of 9 consecutive times of losses.
SOL tokens climbed past $13 on Tuesday and ended up up 20% in the previous 24 several hours. By distinction, top cryptocurrencies bitcoin and ethereum were being down .5% and .6%, respectively.
Bonk is airdropping around 50% of its tokens currently in circulation. Airdrops are unscheduled distributions of tokens, usually for absolutely free, to wallets in purchase to garner curiosity in a specific crypto.
Of the Bonk tokens getting airdropped, about 20% could be applied for an ecosystem of 297,000 Solana-based mostly non-fungible tokens and 10% could go to Solana-based mostly artists, in accordance to CoinDesk.
In the meantime, Bonk has seen approximately $19 million in inflows in the previous 24-several hours. Bonk debuted on December 25 and currently has a current market capitalization just about $93 million.
Bankman-Fried the moment touted Solana as the most underrated cryptocurrency, and his companies held massive positions on their publications.
But FTX’s individual bankruptcy filing amid reviews that the crypto trade transferred billions of pounds in shopper resources to Bankman-Fried’s hedge fund Alameda soured sentiment on Solana in the crypto community.
Past thirty day period, CoinDesk reported that two of the Solana blockchain’s major NFT collections, DeGods and Y00ts, will migrate to Ethereum and Polygon, respectively.
