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Solana: Can memecoin BONK aid SOL’s move

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Whales amass BONK on Solana as network activity skyrockets, fostering a remarkable surge in SOL’s price.

Solana: Can memecoin BONK aid with SOL's move north

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  • Solana’s BONK memecoin gained traction, with whales accumulating.
  • Solana network activity surged, reflecting in a massive growth in SOL’s price.

The OKX exchange recently witnessed the listing of Solana [SOL] tokens, including the memecoin BONK, which has been gaining significant traction within the crypto community.

Whales move in

The rising interest in BONK prompted accumulation by whales. This was exemplified by a trader’s $6.9 million profit on BONK after strategically buying and selling substantial amounts.

Simultaneously, Solana experienced a remarkable surge in activity, with daily active addresses growing by an impressive 141% in the last 90 days, according to Artemis’ data.

This heightened engagement is a positive sign for the network, indicating a growing user base and increased utilization.

Developments on the rise

The development front of Solana further reinforced its position in the market. The ecosystem witnessed significant progress in tooling, developer experience, and content quality.


With a monthly active developer count consistently ranging between 2500-3000 throughout 2023, Solana demonstrated its ability to attract and retain top-tier talent. Developer retention, exceeding 50%, underscores the commitment of new developers to the SOL ecosystem.

Solana’s hackathons have garnered significant participation, with more than 900 submissions in the recent Hyperdrive hackathon.

This indicates a thriving developer community and positions the network as an appealing platform for future developers.


How much are 1,10,100 SOLs worth today?


Considering these positive developments, the token’s price reflected the overall optimism.

At press time, SOL was trading at $100.54, showing an impressive 11.2% growth in the last 24 hours.

Source: Santiment

 


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Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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