Dogecoin-inspired memecoin BONK has already gained thousands of percentages

Bear market or not, the memecoins are still driven out of the market. In fact, every now and then a new one comes along. Brand new is Bonk (ticker: BONK). Calling itself the first ‘Solana Dog Coin’, this token is now doing a trick we would expect in a bull market: rising sharply.

New dogecoin-like memecoin is rising fast

The name is based on the meme of the famous Shiba Inu dog (on which Dogecoin is based) who works something or someone with a bat. According to CoinGecko the token has only been trading since December 29. Launched last month via an airdrop, the token already has a market value of $84 million. Since the airdrop, the token has already risen by a few thousand percent, although this varies by exchange due to a lack of liquidity.

An important factor in this seems to be a huge one token burn to be. The tokens in question were DeGods, according to a tweet from the founders of the NFT project. More than 500 billion of the coins have been destroyed – that is about 0.5% of the total supply.

Meanwhile, BONK has also risen sharply in popularity on Decentralized Finance (DeFi) projects built on Solana. According to CoinDesk you can get huge staking returns of up to 1,000% on an annual basis with BONK.

Also, the crypto is dragging at the time of writing huge trading volumes in certain exchanges. In some cases, it even ranks first in terms of trading volume, such as with the DeFi platform Orca. Here the volume is currently around 21 million dollars.

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Memecoins are looking for a new driver

Most meme tokens are currently being hit at least as hard as other cryptocurrencies. While some cryptos still have a fairly clear purpose, the ‘intrinsic value’ of memecoins is often questionable to say the least.

Like every previous bear market, the current one is forcing coins and businesses to find new ways to survive. Dogecoin (DOGE) recently rose sharply, but after the rise whales dumped many of their tokens on a large scale. It may therefore take some time before they have regained the enthusiasm of recent years.

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