(sol) and bonk have seen a surge in their prices over the last 24 hours. sol gained 16% to reach a seven-day peak of $13.21 this morning, while bonk was up 58% with a market cap of almost $58 million and nearly $20 million in trading volume. this growth was sparked by the launch of bonk in late december, when a wide-reaching airdrop of free tokens was sent to the wallets of developers and nft collectors. a total of 100 trillion bonk tokens were minted, with 50% of the supply airdropped to developers, nft owners, creators, and artists.
Surge of both sol and bonk began in late 2021, when sol traded for as high as $37 prior to ftx’s liquidity crisis. since then, sol has dropped 95% to reach an all-time low of $8, and has been struggling to regain its value. in order to counter this, the creators and developers of solana have been supporting bonk, a meme coin. this has caused a lot of conversation and development among solana developers and users on crypto twitter, and a variety of projects have been integrating bonk and building with it.
Growing use and excitement appears to be reflected in the surge of both bonk’s price and sol’s value. investors and supporters in the solana space have been celebrating the token’s recent surge, and the cause of the buzz appears to be the emergence of bonk, a dog-themed token based on solana. however, bonk’s surges often don’t last long, so investors should be aware that the token’s value could drop again soon.