The BONK airdrop is doing wonders for SOL
eventually saw a relief rally on Tuesday, with its price soaring 20% after nine days of consecutive losses brought it down to just over $8. The token has now surpassed meme coin Shiba Inu by market capitalization. According to CoinMarketCap data, the two cryptocurrencies are both valued at roughly $5 billion.
The price spike follows reports of the new Shiba Inu-themed meme coin Bonk conducting an airdrop. The airdrop has generated buzz across 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 while 10% has been set aside for project supporters within the cryptocurrency community.
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