With the arrival of the brand new 12 months of 2023, liquidity appears to have returned to the crypto market, in addition to seemingly dropping enthusiasm. Essentially the most “revived” crypto asset of the primary days of the brand new 12 months was Solana, SOL, which has risen 20% because the starting of January. This appears to be like significantly attention-grabbing in opposition to the backdrop that in 2022, SOL was breaking one other backside and turning into a single-digit value asset.
Now that the Solana token is exhibiting sturdy momentum once more, it’s price trying on the market capitalization rating, the place SOL nonetheless sits in sixteenth place, behind even the Shiba Inu token, SHIB.
Because of a profitable begin to the 12 months and the towing of a rival to a spot nearer to the solar, the hole between SOL and SHIB has now narrowed to simply $100 million. If the pattern continues, a fast discount in distance and the return of the Solana token, if not into the highest 10, then at the least to the highest 15, will be anticipated.
What’s BONK and what does it must do with Solana?
The doable causes for the inexperienced candles on the SOL value chart have been reported by U.Right this moment earlier. The going opinion is that the hype across the BONK token, the brand new meme coin on Solana, was a significant factor. The token is actively promoted on social media, with even the blockchain’s official Twitter account reposting memes about it.