Ethereum killer- Solana has been on a remarkable price recovery since Dec 30. SOL kickstarted the new year, rising from $8.3 to $24 on 15 Jan, a staggering increase of 195% in just 2 weeks.
This is significant because the altcoin had a disastrous 2022 after plummeting over 90% and dropping out of the top twenty coins, per CoinGecko data.
But with the recent rebound, the token even edged out Polygon’s MATIC and jumped back in the top ten categories for a brief amount of time.
The token is currently exchanging hands at $24.7, surging by over 7% and 51% on the daily and weekly index
Furthermore, the 11-ranked token experienced its largest trading volume since the week of the unprecedented fallout of crypto exchange FTX, which greatly affected Solana and the majority of the crypto market in November.
But the event also triggered SOL’s price to reach its maximum level. The token registered a surge of 21% over a single day last weekend.
Another major driving factor responsible for the price rally was the recent unveiling of the Solana-based meme token called BONK, as reported by TronWeekly.
This sparked a buzz around Christmas and drove the price of SOL to a seven-day high at the start of the new year, contributing to Solana’s recent run of positive news.
Solana: BONK’s Value Skyrocketed To Over 3000% In the First 7 Days
Coin aficionados linked the debut of a new dog-themed coin BONK to the OG meme coins Dogecoin [DOGE] and the Ethereum-based token Shiba Inu [SHIB].
Data from CoinGecko revealed that BONK saw a startling 3,300% increase in the first week of the year, albeit to $0.00000487.
Despite the token’s price dropping 69 percent last week due to a subsequent five-trillion token burn, it still commanded a market cap of $57 million. In fact, it even increased by 20% in price during the previous 48 hours.
In addition to that, data from Delphi Digital highlighted the total number of active wallets on Solana has jumped to 83,000 from almost 45,000 per day. Market experts believe this has coincided with the rise of a new meme coin, within its ecosystem.
BONK rallied by over 130%, bringing back interest into the ecosystem. However, it has since crashed by over 38% in the last seven days.