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Solana’s Doge-themed token BONK experiences wild price fluctuations

BONK, a Solana-based dog-themed coin, is the newest cryptocurrency market volatility example.
| Cryptopress
Last updated: January 7, 2023

CryptoPress

Investors in the cryptocurrency world are no strangers to market volatility, and the latest example comes in the form of BONK, a Solana-based, dog-themed token. 

After reaching an all-time high price of $0.00000487 per coin on Wednesday, BONK saw a sharp drop to as low as $0.00000223 on Thursday morning, representing a 54% drop in less than 11 hours. However, the token has since rebounded, currently sitting at $0.00000315.

Despite the recent dip, BONK has seen impressive gains over the past week, with a 3,300% increase in value. In comparison, Bitcoin has only seen a 2% increase in value over the same time period. 

BONK’s success may be due in part to the excitement around Solana’s NFT ecosystem, since the project recently airdropped 20% of its BONK supply to holders of Solana NFTs.

This week, the BONK team made headlines when they burned tokens that had been given to people who owned DeGods, a Solana NFT project that said it would move to the Ethereum blockchain. 

DeGods, Firedancer

Even though DeGods and another project, y00ts, have moved to the Polygon blockchain, Solana Foundation CEO Federa says that the Solana Foundation is still committed to the vision of its project.

In other news, Federa expressed excitement about a new implementation of a Solana validator called Firedancer, which aims to improve performance and security through its redundancy. 

Firedancer is a rebuild of the Solana network’s codebase based on how it is right now. It was made with the programming language C++.

© 2022 Cryptopress. For informational purposes only, not offered as advice of any kind.

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