Solana (SOL) Rebounds After Catastrophic Drop

1 year ago 119

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Alex Dovbnya

Solana (SOL) is yet seeing immoderate emotion from buyers aft a devastating illness successful 2022 that was partially caused by the FTX play

Solana (SOL) yet saw a alleviation rally connected Tuesday, with its terms soaring 20% aft 9 days of consecutive losses brought it down to conscionable implicit $8. The token has present surpassed meme coin Shiba Inu (SHIB) by marketplace capitalization. According to CoinMarketCap data, the 2 cryptocurrencies are some valued astatine astir $5 billion.  

The price spike follows reports of the caller Shiba Inu-themed meme coin Bonk (BONK) conducting an airdrop. The airdrop has generated buzz crossed the Solana ecosystem, which has led to improving sentiment. 

Out of Bonk’s 44 trillion tokens that are being distributed for free, 20% is being directed towards non-fungible token collections tied to Solana portion 10% has been acceptable speech for task supporters wrong the cryptocurrency community.

Even immoderate notable Solana players similar Orca DEX and Magic Eden are jumping connected the BONK train.

The caller improvement comes aft the SOL terms was ruffled by the damning headlines related to erstwhile FTX CEO Sam Bankman-Fried. The disgraced mogul has been accused of defrauding investors and customers arsenic good arsenic large NFT projects.

With the hype surrounding Solana increasing owed to the Bonk airdrop, SOL has been pushed into greenish territory again - astatine slightest temporarily. However, these returns mightiness not beryllium sustainable successful the agelong term. 

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