Bonk, a meme token modeled after Shiba Inu, has driven many traders crazy in the crypto market after its recent price increase. As a result of the FOMO and hype created around this coin, the Solana price has increased too. This comes after Solana suffered a series of losses in the crypto market.
Bonk token is just a meme coin created on the 25th of December 2022 and has gone up in value, creating a fear of missing out on the crypto market. Because of the increased activities in the Solana blockchain, its price has increased significantly in the last 48 hours.
In the last 24 hours, Bonk's price has increased by more than 117%, while Solana has increased by more than 34 percent in the last 48 hours. Crypto traders are actively hopping on the new meme coin to make massive profits after the crypto market was dripping red all over 2022.
From the information revealed on Bonk's project website, the meme coin was the first of its kind to be released on the Solana blockchain. This should clarify why Solana's price has been increasing within the past weeks. Solana has suffered a lack of users in the past months after the FTX scandal. So the introduction of Bonk on their blockchain is doing them a lot of good, judging from the price increase.
The Meme Coin Driving Solana
Bonk token is the new meme coin that has brought more users and price increases for the Solana blockchain. Before this new break in price, Solana was at the forefront of a massive FUD that made it lose many users.
Apart from losing their users, they also lost a huge fraction of their price to two-year lows. Most of the top guys in the crypto industry even distanced themselves from the blockchain, creating more loss on users and price.
It was the founder of Ethereum, Vitalik Buterin, who had made some positive comments about the blockchain, which helped to increase Solana's price. In addition, the creation of Bonk led to a massive increase in users and price.
Because of the strong community and the hype that the Bonk token is currently receiving, it is already creating a FOMO in the market, making more traders involved in the project. With more involvement, it would only mean that Solana still has a driving force behind their blockchain and token. Coming into the new year, Bonk token FOMO has helped Solana become one of the top performers of the new year.
Can Solana Keep Up with This Pace?
A question that some investors will be asking is whether Solana will continue at this pace or is this momentary. While the increase in price and FOMO around the Bonk token is for the moment, Solana has to look for ways to keep more users on their blockchain.
Like what happens in the crypto market, any coin riding in the hype and FOMO will surely come down in value when the short-term investors begin to take their profit. The Bonk token is currently in massive profit, and traders will soon start to take out those profits.
When this happens, Solana will. Surely record a decrease in their price. Unless they find a way of keeping the activity around their blockchain, Solana will have a hard time in the crypto market.