Solana (SOL) eventually saw a relief rally on Tuesday, with its price soaring 20% after nine days of consecutive losses brought it down to just over $8. The token has now surpassed meme coin Shiba Inu (SHIB) by market capitalization. According to CoinMarketCap data, the two cryptocurrencies are both valued at roughly $5 billion.
The price spike follows reports of the new Shiba Inu-themed meme coin Bonk (BONK) conducting an airdrop. The airdrop has generated buzz across the Solana ecosystem, which has led to improving sentiment.
Out of Bonk’s 44 trillion tokens that are being distributed for free, 20% is being directed towards non-fungible token collections tied to Solana while 10% has been set aside for project supporters within the cryptocurrency community.Even some notable Solana players like Orca DEX and Magic Eden are jumping on the BONK train.
The recent development comes after the SOL price was ruffled by the damning headlines related to former FTX CEO Sam Bankman-Fried. The disgraced mogul has been accused of defrauding investors and customers as well as major NFT projects.
With the hype surrounding Solana growing due to the Bonk airdrop, SOL has been pushed into green territory again - at least temporarily. However, these returns might not be sustainable in the long term.