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Solana Sees Relief Rally With Whopping 65% Weekly Gain Thanks To This Dogecoin Knockoff

Benzinga · 01/06/2023 06:40

Solana (CRYPTO: SOL), one of the leading proof-of-stake cryptocurrencies, has skyrocketed by an astonishing 65% in the past week thanks to BONK (CRYPTO: BONK), a Dogecoin knockoff that debuted on the Solana ecosystem this year.

What Happened: BONK is a meme-inspired cryptocurrency modeled on Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE) whose symbols feature a canine avatar. It has been labeled "the first Solana dog coin for the people, by the people," as 50% of the token's supply has been provided as a form of compensation to the Solana community after the fall of FTX and Alameda Research.

BONK has rallied over 2,500% since it was launched on Jan.1. At the time of writing, BONK was trading at $0.0000025,  according to Benzinga Pro,

After reaching a low of $8.30 on Dec.29, Solana has been recovering following the crash caused by FTX and Alameda Research.

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Last week was turbulent for the Solana ecosystem, as it saw a mass exodus of projects bridging off two of its top-performing non-fungible token projects, DeGods and y00ts.

Despite the setbacks, Ethereum (CRYPTO: ETH) co-founder Vitalik Buterin expressed his faith in Solana and its community, noting that “the chain has a bright future” even after the recent sell-off “washed out the awful opportunistic money people.”

Price Action: At the time of writing, ETH was trading at $1,253, down 0.11%, while SOL was up 0.49% at $13.23 in the last 24 hours.

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