A Viral SolanaBased Memecoin Is Up 2,500% Despite The Brutal Bitcoin And Ethereum Crypto Price Winter

Bitcoins: BTC: , ethereum and other major cryptocurrencies are currently mired in a cryptocurrency price winter that is wiping billions of dollars from a market previously on fire (and possibly worse).

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Prices for several major memcoins, cryptocurrencies such as dogecoin and shib inu, which have risen sharply over the past two years, have fallen in recent months but have held onto some of their better-than-expected gains, helped by billionaire Tesla, Elon Musk. .

Today, a solan-based cryptocurrency called bonk, also based on the shib inu doge meme, is trying to recreate memcoin's previous success by achieving a 2,500% price increase despite the cryptocurrency's devastating crash. plunged the biggest crypto companies into crisis.

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"We're here to honor everyone who made Solana what it is today," developer Bonk tweeted last month.

Solana FLOOR: Rival Ethereum, closely linked to the collapse of cryptocurrency exchange FTX, which boasted relatively high transaction speeds and low fees, has been hit hard by the FTX boom in recent months, falling out of the top ten crypto exchanges. However, solana prices are rising relative to bond prices, up 35% over the past week.

Bonk's massive growth, which is up nearly 2,500% since its launch on December 25th and 150% in just the last 24 hours, has been fueled by a so-called airdrop in which solana and solana are giving away free tokens based on non-developers. faucets of fungible tokens (NFT). About 50% of the 56 trillion tickets were sent last week.

However, bonk is unlikely to retain this advantage, although some of Solana's NFT projects are moving towards bonk integration. Over the past year, various viral cryptocurrencies have emerged that caught fire for a while but ended up costing investors money.

Squid Game, a cryptocurrency inspired by, but not related to, Korean giant Netflix.NFLKS: The cost of the 2021 show of the same name has increased by 100,000% in a matter of days, only to fade into obscurity.

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Dogecoin, the largest memcoin with a market cap of nearly $10 billion, has retained most of its price but has only received indirect support from billionaire Tesla and Twitter owner Elon Musk. For the past two years, Musk has proclaimed himself "dog daddy" and promised to launch dogecoin to the moon through his rocket company SpaceX.

Meanwhile, some cryptocurrency watchers believe the more advanced cryptocurrency markets may be consolidating, with cryptocurrencies other than bitcoin, sometimes referred to as altcoins, making the biggest moves.

"This is another sign that the long sideways slide is over and we should be ready for even more volatility, and this time altcoins, not bitcoin, may survive," wrote Alex Kuptsikevich, senior market analyst at FxPro. .

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