A new meme coin based on the Solana (SOL) blockchain is immensely outperforming its established rivals Shiba Inu (SHIB) and Dogecoin (DOGE) to open the year.
Bonk (BONK) is starting 2023 with a bang after posting astronomical gains in the early days of 2023 despite the ongoing crypto bear winter.
The new meme token opened the year at $0.0000002 and surged to $0.000004 on Jan. 5, up 1,900% in less than a week. The Shiba Inu and Dogecoin rival has since given up some of its gains and is trading at $0.000002 at the time of writing. Despite the correction, BONK remains up 900% in about a week.
Meanwhile, BONK’s competitors are off to a sluggish start to the year. Leading meme coin DOGE is up 1.43% over the same period, from $0.07 on Jan. 1 to $0.071 at the time of writing. Ethereum-based altcoin Shiba Inu is outperforming DOGE, having surged 3.75% from $0.000008 on Jan. 1 to $0.0000083 at the time of writing.
Amid Bonk’s meteoric rise over the past week, the developers behind the altcoin discover that they torched $10 million worth of BONK tokens.
“BONK represents the best of Solana. Our community works together across the ecosystem to bring about positive change for all of us.
The five trillion BONK tokens allocated to The Team have been burned.”
Solana explorer Solscan shows that BONK’s current holding has shrunk to 94.12 trillion tokens.
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Featured image: Shutterstock/ngupakarti