Memecoins are back at it again as traders chase gains with the newly launched BONK coin on the Solana blockchain.
BONK was launched in late December and, after a week of steady growth, has gone absolutely bonkers (pun intended). On January 4 the project airdropped free tokens to Solana developers and Solana NFT holders, further spurring its growth. Bonk coin, loosely based on the previously popular memecoin Shiba Inu coin, has risen over 3,700% since its launch (currently priced at $0.00000415 at time of writing).
Furthermore, liquidity providers have started to support BONK with LPs earning over 900%+ in APRs. Though the high APRs may not last long, traders are flocking in to chase the high.
Solana (SOL) seems to have benefited from BONK’s success as it has also risen 37% over the past 7 days.