SOL Up 13% as Hype Around Solana’s Meme Coin Breaks Out

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. Nevertheless, it turned out that the rationale for the expansion of token quotations, which a few days in the past broke by means of one other backside, was a brand new meme coin, which all of a sudden 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 most likely 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 value 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 varied marketplaces on Solana as fee, and Solana Basis’s Head of Technique and Communications Austin Federa admits that he has at all times beloved some canine cash.

Pleasant reminder

Regardless of the hype and double- and triple-digit metrics progress, one thing already forgotten over the past yr of harsh crypto winter, it’s value being cautious with funding selections concerning such crypto belongings. The hype will move, however the danger of being left with nothing within the portfolio steadiness or worse, entering into some honeypot rip-off is at all times there.