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    Will The Bonk Coin Release Bring Solana Back From The Dead?

    We’re in a bear market and everything is soaring. Few projects are managing to pump like Sappy Seals. But, the overall weather is ice cold. And on top of the struggling list is none other than Solana. The blockchain has been trying to stay afloat ever since the FTX meltdown. And it might have managed to reach the surface after the Bonk coin release. But, will it reach the shore or go back down? 

    The Peak of Solana – Pre-Bonk Coin

    Solana was performing well way before the bonk coin. It had a peak in the fall of 2021. It reached a value of $258.62 on November 7th, 2021, per coindesk. And as you can see in the chart below, it has never reached such a high ever since. 

    On the contrary, it went downhill with the start of 2022. But before its excessive struggles, Solana was home to big investors, leading projects, and top NFT collections in its glorious 2021 year.

    Solana Overall Price Chart

    Solana 2021 Recap – The Golden SOL Year

    In January 2021, SBF, former CEO of FTX, a now-bankrupt crypto exchange company, tweeted the following after a heated argument with @coinmamba. Remember this. It’s pivotal.

    SBF Tweet

    • March: Solana launches the first collection on the blockchain, Kreechures
    • April: Phantom wallet launch
    • June: Solana’s first generative art launch, Frakt
    • August: Beginning of blue-chip NFTs on Solana like Solana Monkey Business, Degenerate Ape Academy, and ThugBirdz
    • September: Magic Eden Launch, 200 more collections were listed on Solana
    • October: Magic Eden releases launchpad with full-minting support service
    • November: Solana Ventures, FTX, and Lightspeed launch a $100 million blockchain gaming fund to invest in startups. More celebrities join SOL projects.
    • December: Play-to-earn games launch, NFT influencer Farokh announces he’s minting his first SOL NFTs

    Overall, a great year with no need to pump meme coins to appear on the charts. 

    2022 Kills Solana Leaving It Begging For Bonk Coin

    When 2022 came, so much shit happened absolutely butchering Solana. It threw all the success in the dumpster. 2022 buried Solana so deep down the ground, it made the blockchain desperate for meme coins to pump like bonk coins. Look at the below chart of the price of Solana across 1 year. 

    Solana 1 Year Chart

    First, at the beginning of the year, Solana experienced multiple blackouts and service issues some lasting up to 18 hours. Then, in June 2022 the same happened with a software bug causing a 4 hours and a half outage. So, the blockchain started off on the wrong foot altogether. But, the most prominent thing that punched Solana in the gut is the FTX meltdown.

    SBF Is the Biggest Investor And Cause Of The Solana Meltdown

    Remember the infamous tweet of Jan 2021? Well, oh how the tables have turned. SBF was indeed a huge supporter of the Solana blockchain. Hell, with the enthusiasm he had, he would’ve bought every bonk coin there is if he could’ve now.

    But, you see the thing is he was the CEO of FTX and took that downhill. He was allegedly involved in an FTX x Alameda Ponzi Scheme and used up customers’ money. So, the FTX coin crashed and tumbled all the cryptocurrencies with it causing a severe market crash

    And, since SBF had invested a lot of FTX into Solana, Solana was left with a bunch of shit coins worth nothing. And so naturally, its value dropped as it lost most of its funding. The situation was so bad that two of its top projects, DeGods, and Y00ts, recently announced they’ll be leaving Solana in Q1 of 2023. 

    So, to say the least, the blockchain was in dire need of anything that could help it salvage whatever was left of people’s trust. Therefore, we got none other than the bonk coin.

    What is Bonk Coin?

    Bonk coin is a meme token modeled after Shiba Inu launched on December 25th, 2022. But, it didn’t really peak until January 2023 as it was officially announced. Then, the SOL community started hyping it up. 

    Bonk coin creators think that Solana has been the victim of predatory tokens. They enforced though that there’s no fault whatsoever on the community. On the other hand, they released Bonk “to flip this script and bring power back to those that made this network great, the people.” 

    Bonk Coin Supply

    The total bonk coin supply is 100 trillion tokens. To further showcase their support for the community, 50% of the overall supply was airdropped to SOL users as follows:

    • 5% to Solana developers 
    • 10% to Solana artists and collectors
    • 15% to early openbook traders
    • 20% to 40 Solana NFT collections (297K NFTs)

    The remainder 50% of the supply will be divided in the following way:

    • 5% for team development
    • 5% marketing
    • 5% initial liquidity
    • 15% Bonk DAO
    • 20% early Contributors 

    However, the 5% for team development were later burned. This reinforced the idea that these coins are “from the people to the people”.

    Community Hypes Up Bonk Coin Causing SOL To Surge

    How did the Bonk coin perform? If we look at the chart by CoinMarketCap below, we notice that since Jan 2023, the coin started pumping. It reached a high of 0.0000045 USD. 

    Bonk Coin 1 Month Chart

    The community was actually very hyped up over the meme coin. SOL influencers started promoting it left and right. And, a lot of people were giving bonk coins away. This is definitely part of the Bonk marketing plan. 

    As a result, Solana actually surged. Its price reached $17 when it was struggling under 10$ a while back. SOL currently stands at $16.13

    Solana 1 Week Chart

    Conclusion

    Solana was indeed struggling big time, and was so close to its finish line. However, after being under the $10 ground, Bonk coin pumped and SOL price jumped up to $16. The Bonk coin release did indeed help Solana out of its tragedy. However, SOL is going back down as the hype is slowly dying regarding bonk. We have to see how long it’ll manage to hold its value. But, even other projects are pumping too. Check BAYC’s floor price that pumped 12 ETH at the beginning of 2023. Is the bull market near? 

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