A new meme currency based on the Solana (SOL) blockchain is surpassing Shiba Inu (SHIB) and Dogecoin (DOGE) by a significant margin to start the year.
Bonk (BONK) has seen meteoric increases in the first few days of 2023 despite the ongoing crypto bear winter.
The price of the new meme coin began the year at $0.0000002 and jumped to $0.000004 on January 5th, representing an increase of 1,900% in less than a week. At the time of writing, the Shiba Inu and Dogecoin competitor has surrendered a portion of its gains and is trading at $0.000002. In spite of the reversal, BONK is still up 900% within a week.
Meanwhile, BONK’s opponents had a poor start to the year. DOGE increased 1.43% during the same time period, from $0.07 on January 1 to $0.071 at the time of writing. Shiba Inu, a cryptocurrency based on Ethereum, is doing better than DOGE, having increased 3.75% from $0.000008 on January 1 to $0.0000083 at the time of writing.
In the midst of Bonk’s rapid rise over the last week, the altcoin’s creators have burned $10 million worth of BONK tokens.
“BONK reflects Solana’s finest qualities. Our community is collaborating throughout the ecosystem to bring about positive change for everyone.
The five trillion BONK tokens allotted to “The Team” have been destroyed.” Solana explorer Solscan reveals that the current supply of BONK tokens has decreased to 94.12 trillion.