- Shiba Inu-based meme token was launched on December 25, 2022.
- Bonk is experiencing massive hype, and Solana rose by 33%.
- LPs earned 999% APR.
Crypto Industry is known to welcome newly launched tokens and coins with open arms, as many new tokens have seen a massive rise within the first few weeks of their launch. Bonk, a meme token based on Shiba Inu, was released on December 25, 2022, and is soaring to new heights, which made some traders believe that its trading volume is potentially driving Solana’s price upward.
Over the past 48 hours, SOL has gained 34%, and at the same time, Bonk climbed by 117%. The wider crypto market remained suppressed, as traders were hoping that Bonk would be able to present relatively newer opportunities during the ongoing downturn.
Bonk boasts the title of the first dog token on the Solana blockchain, per the project’s website. 50% of the token supply was airdropped initially, which was done with the goal of removing toxic Alameda-styled tokenomics. This airdropped caused a surge of more than $20 million in trading volume, as per Orca, Solana’s decentralized exchange.
Liquidity Providers (LPs) benefited from interaction with Bonk, and proving it, the right LPs were earning over 999% APR as on January 4, 2023, which is much higher when compared to the popular SOL/USD pair.
Although these current trends show a huge demand for Bonk, these high yields may or may not be forever. A supply of 1 billion was also burned on January 3, 2023.
Source: https://www.thecoinrepublic.com/2023/01/06/bonk-goes-bonkers-will-it-revive-solana/