The value of SOL elevated by greater than 13% in the course of the day, which at first appeared to occur for no obvious purpose. Nonetheless, it turned out that the rationale for the expansion of token quotations, which a few days in the past broke via one other backside, was a brand new meme coin, which out of the blue blew up the media round Solana.

One other one

After all, this token, referred to as BONK, once more has an avatar within the type of a canine, these are the foundations of the sport. The title of the token refers to a well-known meme, and it’s in all probability the primary meme coin on Solana to make such a splash. BONK volumes within the final 24 hours have grown by greater than 6,500%, and its worth by nearly 120%.

All the time love me some canine cash

— Austin Federa (@Austin_Federa) January 1, 2023

On the identical time, the token is beginning to be accepted by numerous marketplaces on Solana as fee, and Solana Basis’s Head of Technique and Communications Austin Federa admits that he has all the time liked some canine cash.

Pleasant reminder

Regardless of the hype and double- and triple-digit metrics progress, one thing already forgotten over the past 12 months of harsh crypto winter, it’s price being cautious with funding selections concerning such crypto property. The hype will cross, however the danger of being left with nothing within the portfolio stability or worse, moving into some honeypot rip-off is all the time there.