A dog-themed crypto built on the smart contract platform Solana (SOL) is surging despite the SOL ecosystem’s recent struggles.
Bonk (BONK), which is a new Dogecoin and Shiba Inu rival, has seen substantial gains since its debut on December 29, 2022.
The meme asset saw a dramatic 4,838% increase in value, from $0.00000008889 to $0.00000439 on Thursday.
BONK has since recovered and is now changing hands for $0.000002 (at the time of writing). This represents a 1,665% gain in the past week and 38.73% drop over the last 24 hours. BONK’s upswing comes at a time when the Solana is down over 94% from its all-time high of $259.
Last week, SOL and its affiliated crypto assets were delisted from the asset management platform Matrixport, which went as far as to say that they’d never list any SOL products ever again.
Solana crashed to $8.27 after the news. Since then, the Ethereum (ETH) competitor has stabilized and is now moving at $13.26 as of writing. This represents a 60% increase in value over the previous week.
Solana’s mini-recovery came after its developers received words of encouragement from ETH creator and billionaire Vitalik Buterin.
Earlier this week, Buterin said Solana’s future looks good as the “opportunistic” money put into it has been washed out.
“Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future. It’s hard for me to discern from. [the] outside, but I hope the community gets its fair chance to thrive.”
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