To begin the year, a new meme coin based on the Solana (SOL) blockchain is far outpacing its established rivals Shiba Inu (SHIB) and Dogecoin (DOGE).
Despite the persistent crypto bear winter, Bonk (BONK) has started 2023 with a bang, posting astronomical gains in the first few days of the year.
The new meme token began the year at $0.0000002 and soared to $0.000004 on January 5th, representing a 1,900% gain in less than a week. Shiba Inu and Dogecoin rival has given up some of its gains since and is currently trading at $0.000002. Despite the correction, BONK has increased by 900% in less than a week.
Meanwhile, BONK’s competitors are off to a slow start this year. DOGE, the leading meme coin, is up 1.43% in the same timeframe, rising from $0.07 on January 1st to $0.071 at the time of writing. Shiba Inu, an Ethereum-based altcoin, has performed better than DOGE, rising 3.75% from $0.000008 on January 1st to $0.0000083 at the time of writing.
During Bonk’s meteoric rise last week, the altcoin’s developers revealed that they have set fire to $10 million worth of BONK tokens.
“BONK embodies the best of Solana. Our community is collaborating across the ecosystem to bring about positive change for all of us.
The five trillion BONK tokens assigned to ‘The Team’ have been destroyed.”
According to Solana explorer Solscan, BONK’s current supply has shrunk to 94.12 trillion tokens.