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Bonk Inu Takes Solana by Storm

Shiba Inu inspired meme coin, Bonk Inu, launched on Christmas day and took Solana by storm. Pumping +3,200% in only a few weeks, it revived the ecosystem and brought back a positive sentiment across Solana enthusiasts.

January 7, 2023 by Illustrious

Bonk Inu (BONK) is a Shiba Inu-inspired meme coin that launched on Christmas day in 2022. From FTX going bankrupt to DeGods/y00ts migrating chains, Solana has seen it all. Sentiment on NFT Twitter was down, but BONK contributed to an important sentiment shift in the broader ecosystem.

A team of 22 individuals launched BONK and proceeded to airdrop 50% of the supply to the Solana ecosystem, which lead to instant interest and community hype.

The token pumped up to +3,200% in only a few weeks, reviving the ecosystem and the sentiment surrounding Solana. In one day, it reached over $6 million volume, bringing decentralized exchange Orca to the 10th largest DEX by volume on January 2nd across crypto.

Active addresses on Solana reached 678k following the airdrop, the highest since the FTX bankruptcy.

Daily Active Addresses on Solana, Polygon, and Ethereum
Source: Artemis- Daily Active Addresses

BONK also sparked a wave of liquidity, increasing NFT volume. The SolanaFloor NFT index reached an all-time high of 140◎ during this liquidity flow.

SolanaFloor's Blue Chip NFT Index
Source: SolanaFloor - NFT Index

An excerpt from an article written by Step Data Insights says, "Data and sentiment show that BONK acted as a proof of life for the Solana ecosystem. It is showing the crypto world that Solana is well and alive and that its price doesn’t represent its fundamentals."

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