How Solana Meme Token BONK Sharp Selloff Will Impact SOL Price?

Solana value has rallied practically 40% in per week amid the hype relating to Solana’s first meme token BONK. Meme token BONK depends on the airdrop to Solana NFT, anti-Alameda Research sentiment, and the revival of Solana DEX tradition to enhance the group. Will this Solana rally maintain regardless of the selloff in BONK tokens airdropped to Solana customers?

Solana Worth Rally Amid BONK Token Hype

Solana suffered large destructive sentiment resulting from relations with Alameda and FTX founder Sam Bankman-Fried. The Solana value even noticed large selloffs in the previous couple of weeks. Nevertheless, the airdrop of Solana’s first meme token BONK lifted the SOL token because the meme token was in comparison with Dogecoin and Shiba Inu, which recorded large rallies throughout the bull market.

BONK witnessing the best buying and selling quantity within the Solana ecosystem after USDC and SOL up to now 24 hours. A number of crypto exchanges resembling Huobi and MEXC World additionally surprisingly introduced itemizing the meme cryptocurrency amid the rising group curiosity.

Nevertheless, the highest 20 holders of BONK accounted for about 50% of the full provide, as per a Dune dashboard. Furthermore, BONK DAO accounted for 15% of the full provide and a considerable half was obtained from airdrops at zero price. Thus, the potential of a pointy sell-off is larger and will happen at any time.

Additionally, a broader acceptance from the NFT market ought to be thought of as it’s the driving issue behind the BONK token rally. A pointy selloff by BONK holders could trigger the SOL value to dive once more to $10.

Additionally Learn: Solana (SOL) Price Spikes As Dogecoin Killer BONK Gains Hype

SOL Worth Skyrockets Over 15% in 24 Hours

Solana value presently trades at $13.66, up over 15% within the final 24 hours. Solana’s 24-hour high and low are $11.72 and $13.94, respectively. As per CoinGape analysis, Solana value could battle to surpass the $15 barrier, however the $15 breakout might encourage SOL to a extra 20% rise.

In the meantime, BONK value soared over 50% within the final 24 hours, with the present value buying and selling at $0.00000142. The 24-hour high and low are $0.000000854 and $0.000001477, respectively.

Additionally Learn: Top 10 DeFi Lending Platforms In 2023

Varinder is a Technical Author and Editor, Know-how Fanatic, and Analytical Thinker. Fascinated by Disruptive Applied sciences, he has shared his data about Blockchain, Cryptocurrencies, Synthetic Intelligence, and the Web of Issues. He has been related to the blockchain and cryptocurrency business for a considerable interval and is presently masking all the newest updates and developments within the crypto business.

The offered content material could embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.