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How Solana Meme Token BONK Sharp Selloff Will Impact SOL Price?

BONK meme cryptocurrency massive hype drives the Solana (SOL) price to rally 40% in a week. Will the rally sustain?
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How Solana Meme Token BONK Sharp Selloff Will Impact SOL Price?

Solana price has rallied nearly 40% in a week amid the hype regarding Solana’s first meme token BONK. Meme token BONK relies on the airdrop to Solana NFT, anti-Alameda Research sentiment, and the revival of Solana DEX culture to improve the community. Will this Solana rally sustain despite the selloff in BONK tokens airdropped to Solana users?

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Solana Price Rally Amid BONK Token Hype

Solana suffered massive negative sentiment due to relations with Alameda and FTX founder Sam Bankman-Fried. The Solana price even saw massive selloffs in the last few weeks. However, the airdrop of Solana’s first meme token BONK lifted the SOL token as the meme token was compared to Dogecoin and Shiba Inu, which recorded massive rallies during the bull market.

BONK witnessing the highest trading volume in the Solana ecosystem after USDC and SOL in the past 24 hours. Several crypto exchanges such as Huobi and MEXC Global also surprisingly announced listing the meme cryptocurrency amid the rising community interest.

However, the top 20 holders of BONK accounted for about 50% of the total supply, as per a Dune dashboard. Moreover, BONK DAO accounted for 15% of the total supply and a substantial part was obtained from airdrops at zero cost. Thus, the possibility of a sharp sell-off is higher and could occur at any time.

Also, a broader acceptance from the NFT market should be considered as it is the driving factor behind the BONK token rally. A sharp selloff by BONK holders may cause the SOL price to dive again to $10.

Also Read: Solana (SOL) Price Spikes As Dogecoin Killer BONK Gains Hype

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SOL Price Skyrockets Over 15% in 24 Hours

Solana price currently trades at $13.66, up over 15% in the last 24 hours. Solana’s 24-hour low and high are $11.72 and $13.94, respectively. As per CoinGape analysis, Solana price may struggle to surpass the $15 barrier, but the $15 breakout could encourage SOL to a more 20% rise.

Meanwhile, BONK price soared over 50% in the last 24 hours, with the current price trading at $0.00000142. The 24-hour low and high are $0.000000854 and $0.000001477, respectively.

Also Read: Top 10 DeFi Lending Platforms In 2023

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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