Solana (SOL) ultimately noticed a reduction rally on Tuesday, with its worth hovering 20% after 9 days of consecutive losses introduced it down to only over $8. The token has now surpassed meme coin Shiba Inu (SHIB) by market capitalization. Based on CoinMarketCap knowledge, the 2 cryptocurrencies are each valued at roughly $5 billion.
The worth spike follows reviews of the brand new Shiba Inu-themed meme coin Bonk (BONK) conducting an airdrop. The airdrop has generated buzz throughout the Solana ecosystem, which has led to enhancing sentiment.
Out of Bonk’s 44 trillion tokens which might be being distributed without cost, 20% is being directed in the direction of non-fungible token collections tied to Solana whereas 10% has been put aside for mission supporters inside the cryptocurrency group.
Even some notable Solana gamers like Orca DEX and Magic Eden are leaping on the BONK prepare.
The latest improvement comes after the SOL worth was ruffled by the damning headlines associated to former FTX CEO Sam Bankman-Fried. The disgraced mogul has been accused of defrauding traders and prospects in addition to main NFT initiatives.
With the hype surrounding Solana rising as a result of Bonk airdrop, SOL has been pushed into inexperienced territory once more – no less than briefly. Nonetheless, these returns may not be sustainable in the long run.