Final week, Solana (SOL) fell to its lowest degree since February 2021. However its worth has risen over 12% prior to now 24 hours on Tuesday after virtually 9 days of consecutive losses that introduced its worth to round $8 on Friday.

Amid Solana’s motion, the 2 largest cryptocurrencies by market cap, bitcoin and ether, each shifted lower than 1% prior to now 24 hours, displaying some stability.

Solana has been unstable for numerous causes in current weeks, together with one in all its most outstanding backers being the now-disgraced former FTX CEO Sam Bankman-Fried and prime NFT tasks planning to depart its blockchain.

However some are crediting the current spike to curiosity from Solana neighborhood members in Bonk (BONK), a brand new meme token that airdropped about 50% of its 56 trillion token provide to customers final week. Airdropping is when a cryptocurrency sends a free provide of its token to numerous crypto wallets in a strategy to achieve customers or reward loyal neighborhood members. On this case, Bonk was airdropped to

“We’re right here to reward everybody that made #Solana what it’s immediately,” the Solana-focused canine coin tweeted a few month in the past earlier than gaining traction.

About 20% of Bonk’s whole airdrop provide went to Solana NFT collections, which consisted of just about 300,000 particular person NFTs. The shiba inu dog-themed cryptocurrency has risen about 96% prior to now 24-hours, based on CoinGecko knowledge.

Even some main Solana tasks have thought of (or did) undertake the newly launched token from massive decentralized exchanges like Orca to NFT markets like Magic Eden.

Whereas Bonk positive aspects steam, it’s extremely possible that it’s going to have an identical destiny to different meme or dog-focused crypto tokens that usually see a pump, adopted by a steep dump and little to no restoration. Within the meantime, nevertheless, it has helped the Solana ecosystem achieve momentum in a time when many crypto gamers noticed it as a goner.

As there was some slight restoration for Solana, its future stays unsure even amid its canine coin-related hype. As of immediately, Solana has dropped from being the fifth-largest token in early November to Fifteenth-largest and is the primary trending cryptocurrency on CoinMarketCap.