Practical investors may scoff at highly volatile meme coins, but once they succeed, they make fools of us all, at least until they crash. But recently Solana Memecoin BONK has been released. quite a lot comfort only, after a difficult year, SOL itself has rebounded and exploded to new heights. And anyone who got a free BONK airdrop last year should be feeling pretty good by now.
According to data from BONK, it is up 821% in the last 30 days. CoinGecko, Continually sets new all-time high prices Market capitalization exceeded $1 billion. Each token isn’t worth much at its current price of $0.00002006, but if you have millions or even billions sitting in your wallet, it can really add up.
Some Solana developers may be well aware of this.
Last Christmas, shortly after the launch of BONK, Solana developers who filled out a form in the LamportDAO community received a holiday gift in their wallets. 25 billion BONK tokens were worth about $300 at launch and more than doubled by the end of the year. that day.
Solana’s premier meme coin debuted from the miserable abyss of the ecosystem around the same time that SOL was born. It fell to about $8—Starts at around $260, the November 2021 high. Although the entire cryptocurrency market declined at the end of last year, Solana Close connection to the collapsed exchange FTX It has been shown to have a particularly big impact on space.
However, the dog-themed meme coin helped inject some good vibes into the Solana community in the weeks that followed, with many Solana network participants taking advantage of the airdrop. In Solana DeFi to merchants NFT BONK has become widespread among collectors and even artists who mint chains. And LamportDAO developers collectively got about 5% of the total token supply.
Developers expressed their gratitude immediately after the airdrop was distributed. Some people said selling them would help pay essential expenses after struggling in a brutal bear market. This market has arguably hit Solana harder than any other major chain.
“Wow, thank you so much Fran! $800 is two months’ rent for me.” Developer zkTuring wrote on the LamportDAO Discord. “This is the best Christmas present I’ve ever received. You are my secret Santa.”
However, based on current prices at the time of this writing, a developer with BONK 25 billion now holds $500,000 worth of Solana tokens.
For those who sold, seeing these price spikes could be a shock to the system and, as cryptocurrency proponents are no joke, a shock to “generational wealth.” But for at least some Solana developers, the drop may have helped them survive and see the other side of a difficult cryptocurrency winter and live to see another day.
Editor Guillermo Jimenez
