BONK rallies as Solana’s founder talks meme coin utility

Journalist

Posted: November 20, 2023

• Following SOL’s direction, the prices of BONK and other meme coins increased.
• The Solana founder brought up a discussion that could drive use cases.

The value of Bonk [BONK], a meme built on the Solana [SOL] blockchain, has increased by 29.87%, according to data from CoinMarketCap. At press time, BONK’s price was $0.0000043, indicating one of the highest climbs it had in the last 30 days.

Its 24-hour trading volume also increased by 100%, jumping to $104 million in the process.  

Source: CoinMarketCap

BONK’s tremendous increase is just one out of the many Solana-themed meme coins. AMBCrypto, evaluating data from Birdye.so, found out that cryptocurrencies like Myro [MYRO] have also had a similar performance.

Use cases for the likes of BONK?

Others including GUAC, Pepecoin [PEPE], and ROCK also followed BONK’s trend. One of the reasons the price of these memes was because of SOL.

For a token that has increased by 126% in the last 30 days, it was only expected that the market passed that confidence on to tokens developed using the blockchain.

Solana’s founder Anatoly Yakovenko also seemed to be watching the events unfold. Due to this, Yakovenko took time to engage publicly about the memes. What captured the founder’s attention was the comment of Chris Burniske, the former crypto lead at ARK Invest.

Do you think meme coins are always going to be just memes (totally fine outcome)? Or do you think it’s possible to build a global movement based on emissions rewarding people for some “missionary” work?

— toly 🇺🇸 (@aeyakovenko) November 20, 2023

Burniske has praised the ecosystem for ensuring that all Solana players are enjoying the rewards of the project’s recovery. 

He did this using BONK as an example. In response, Yakovenko asked if it was possible to build a utility for meme coins. He also inquired if rewards could be used to get the community behind the objective. 

Burniske answered, saying that it was possible. However, he noted that the major objective would be to ensure fair distribution.

He posted: 

“If done right, crypto will more closely align valuable labor with the capital it helps create — so while meme coins are fun, I’m focused on making the latter camp you mention a reality. It would be an important update to Capitalism, ultimately better-distributing capital.”

Solana meme season still

AMBCrypto’s analysis of BONK’s social volume showed that the metric reached its highest point all year long on the 19th of November. This metric measures the number of search terms connected to a project.

If the social volume decreases, it means the market interest in a token has decreased. However, a jump in the social volume indicates rising interest in trading a cryptocurrency. The latter was the case with BONK.

Source: Santiment

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

In spite of the fact that the reading had fallen, there were still eyes looking out for BONK. As it stands, there is a likelihood that BONK’s price will drop. 

This projection was because market players may deem it fit to take profits. However, if Solana’s price recovers, BONK, and other memes may also follow.