Ekta Mourya
FXStreet
Solana price wiped out its losses from the last two weeks with a 15% gain overnight. The Ethereum-alternative outperformed large market capitalization cryptocurrencies like Bitcoin and Ethereum. The arrival of a new Shiba-Inu-themed cryptocurrency on Solana’s NFT marketplace MagicEden and the project’s announcement about airdropping 50% of its token is one of the factors that fueled the recovery.
Also read: XRP whales are scooping up Ripple ecosystem’s native token like the bottom is in, what to expect
Solana, the Ethereum-alternative, started its recovery with 15% overnight gains on January 3. The public blockchain platform with smart contract functionality witnessed a recovery in its price after leading NFT marketplace MagicEden announced the listing of a newly launched theme token.
Bonk (BONK) is a dog-themed cryptocurrency inspired by the Shiba Inu dog like meme coins Dogecoin and Shiba Inu. The announcement fueled interest among Solana community members and the team announced that around 50% of the token’s supply would be airdropped to users. An airdrop is a distribution of a token, typically offered for free in exchange for completing simple tasks. Airdrops distribute the supply of a token to numerous wallet addresses across the internet.
The airdrop garnered massive interest from the community and 20% of the token’s supply is going to Solana’s NFT collections, 297,000 individual NFTs. 10% of BONK is set aside for Solana focused artists and collectors in the ecosystem.
It’s a new year, maybe we should integrate some new cryptocurrencies or chains
Should we start with $BONK? Idk
The on-chain trade volume of Bonk crossed $19 million over the past 24 hours, confirming interest from the SOL community. Since its issuance on December 25, Bonk has over 85,000 holders and a market capitalization of nearly $93 million.
Interestingly, Solana-based projects have integrated BONK tokens as payment methods for their listed NFTs, driving interest and utility higher.
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Bitcoin price shows a clear trend shift on a lower timeframe after its recent spike. Although this move does not confirm the start of an uptrend, Ethereum, Ripple and some altcoins are already flying high.
Ethereum price has been steadily consolidating in an upward trend, which, when considered alongside the bearish crash preceding it, suggests that this trend may continue. Therefore investors need to be cautious with ETH in the coming days.
Ethereum Classic price continues to decline after several months of bearish force. Key levels have been identified to forecast ETC's next probable market move. Ethereum Classic price has been overwhelmingly bearish as the bears have produced six months of downtrend price action.
FTX’s collapse was not only unexpected but also an unwanted event in the crypto space, Apart from significant losses, it also triggered the regulatory authorities to increase oversight.
Bitcoin (BTC) price is traversing a channel that is sloping to the upside. Despite the consolidation, BTC is slowly climbing higher like clockwork. The recent Federal Open Market Committee (FOMC) Meeting on December 15 caused BTC to spike beyond the confines of the channel, but things are back to normal.
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