According to a Solana (SOL) official, the Ethereum (ETH) rival is recovering from the effects of FTX’s demise.
Austin Federa, the head of strategy and communications at Solana Foundation, says its new Dogecoin (DOGE) rival Bonk (BONK) is developing a robust community as active addresses on the Solana smart contract platform are up in a new Bloomberg interview.
“The latter half of this year has been a challenging one for the worldwide crypto community and for some users on Solana as well. When you look at BONK, I believe you’re seeing people having fun with blockchain again. It’s a meme coin that was airdropped to individuals, to thousands and thousands of wallets on the ecosystem, and it’s something that the community has rallied around and has been able to dig into and really enjoy.
Memes are entertaining. Memes, on the other hand, are a substitute for community. And one of the benefits of cryptocurrency that is frequently forgotten is that it provides a means for uniting communities. And so the excitement about BONK is on one level, yeah, it’s a meme, yes, it doesn’t actually do anything, but it is a mark of community, especially after an environment that’s had a hard few months.”
BONK is currently trading at $0.00000135 at the time of writing.
Solana’s price plummeted after Alameda Research, a trading arm of FTX and a big holder of SOL, declared bankruptcy along with its parent firm last year, leaving SOL’s future uncertain.
SOL dropped 74% from $36.72 in November 2022 to $9.60 in December, a loss of 74%. It has now rebounded and is currently trading at $23.27 at the time of writing.
Federa claims that the Solana blockchain project is now stronger than it was before the FTX debacle.
“At the beginning of November, many of the headlines for the Solana network were depressing. And what we’ve seen since then, around two months after the initial announcement, is that active addresses are up, and more people are using the network than before. There are actually more validators on the network than there were when FTX went bankrupt.
We’ve seen the global community and developers come together to replace the elements of the ecosystem that had FTX engagement and then expand from there. Solana is currently higher than all other blockchains in terms of active addresses per day.”