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Solana (SOL) Rebounds After Catastrophic Drop

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Wed, 4/01/2023 - 6:42
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Solana (SOL) Rebounds After Catastrophic Drop
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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.  

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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.

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Even some notable Solana players like Orca DEX and Magic Eden are jumping on the BONK train.

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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. 

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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