BONK Falls 13% as Solana Ecosystem Sees Profit Taking After Memecoin Frenzy
Solana ecosystem tokens have surged several multiples in the past month. Traders could now be taking profits to rotate funds into newer plays.
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Solana ecosystem tokens have surged several multiples in the past month. Traders could now be taking profits to rotate funds into newer plays.
Value locked on the blockchain’s applications has more than doubled since November.
The team is working with Web3 domains player D3 to apply for and win the “.shib” internet domain as part of a broader push toward a decentralized identity project.
Traders have increasingly favored these networks over Ethereum for their lower transaction fees and faster speeds.
The Dogwifhat (WIF) memecoin is Solana’s latest joke token. One trader turned $1000 into $100000 buying it.
Prices reversed nearly all losses from last week following the announcement. BONK traded at $0.000014 on Thursday morning, with a trading volume of over $235 million.
A memecoin that was minted 15 minutes after Charlie Munger’s death soared by more than 31,000% before losing 98% of its value over the subsequent 24-hours.
The first-ever token floated on Uniswap was revived by a bunch of developers and is quickly gaining a loyal community.
The Web3 venture lab is built by team members who previously worked on 9GAG, an immensely popular meme site.
The viral token reached an $80 million market capitalization earlier this month before falling 90% – and failing to grow since.