The wait of patient investors ended with an asset that increased its value by 89 times within 42 days. When a stock exchange or crypto project is hacked, teams try to provide compensation to the victims. Airdrops can provide the desired recovery in such cases, and the Solana ecosystem has belatedly achieved this success.
Earlier this year, an airdrop was carried out for reasons such as protesting the collapse of FTX and compensating the community for their losses. The BONK Coin team distributed BONK Coins to users of certain protocols within the Solana ecosystem and to some NFT collection owners. Initially, people mocked it as it was deemed worthless.
However, as time went on, things got serious and BONK Coin’s price showed an increase of more than 8900% over the last 49 days, meaning significant gains for a user in the Solana ecosystem who got the airdrop. Of course, this applies only to those users who have patiently held onto their tokens and have not sold them to date.
The success of this meme coin also led to the revival of the Solana ecosystem. Having exceeded its target in January, BONK Coin also significantly raised the price of SOL Coin. Now, both the Solana ecosystem is growing and the SOL Coin price is making investors happy with the support of BONK Coin.
Richard Wu, the co-founder of Solana’s NFT marketplace Tensor, recently stated: “This is no longer just a meme, it’s a philosophy of belief.” BONK Coin not only rescued Solana from the impacts of FTX but also skyrocketed the sales of Solana’s mobile device Saga with the promise of an airdrop. It still appears to be a new meme coin and is seemingly reaching its all-time high (ATH) on the Binance exchange. If this trend continues, we could see BONK Coin’s price being shaped by the overall market trend in the upcoming period.
On the other hand, meme coins typically tend to hit their ATH after being listed on Binance. We experienced this clearly with PEPE Coin. However, the Binance ATH for Shiba Coin was seen months later. Considering that we might be on the eve of Shiba Coin’s second rise, if the general market trend turns positive in the first quarter of 2024, BONK Coin could also progress towards dropping another zero. Perhaps the price will drop to zero and be delisted – it is hard to predict, as the crypto markets are extremely risky. Meme coins are the riskiest category in this field.