• The Solana community has been buoyed by the formation of BonkDAO, a memecoin project built on the Solana blockchain.
• The formation of BonkDAO saw a jump in Solana’s price, with it trading at its highest price in over two months.
• The memecoin project, BONK, has also seen an increase in user numbers, with over 100,000 BONK wallets recorded at press time.
The Solana community has been celebrating recently with the formation of BonkDAO, a memecoin project built on the Solana blockchain. This project has already had a major impact on Solana’s performance, with the price of SOL soaring by 40% at press time to trade at $23.48. This is the highest price the token has had in over two months, and is a sharp contrast to its downward spiral after the FTX debacle, during which it dropped below $10.
The team behind BONK announced the formation of BonkDAO on 14 January, with the aim of shifting the focus away from ‚toxic Alameda tokenomics‘ which had been plaguing Solana for the latter half of 2022. The project has already seen a lot of success, with the market capitalization of BONK reaching over $60 million at press time. Additionally, the number of users has exploded since the beginning of the year, with more than 100,000 cumulative BONK wallets recorded at press time.
The formation of BonkDAO has been a huge boon for the Solana community, and BONK has been the driving force behind the bullish rally. The memecoin project has caught the attention of enthusiasts and has provided the Solana community with more reasons to celebrate. As the project continues to grow and evolve, it’s likely that it will continue to have a positive impact on Solana’s performance.