Solana (SOL)-Based Dogecoin Rival Surges 4,838% in Wild Crypto Breakout

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A dog-themed crypto built on the smart contract platform Solana (SOL) is surging despite the SOL ecosystem’s recent struggles.

Bonk (BONK), a new Dogecoin (DOGE) and Shiba Inu (SHIB) rival, has seen significant gains since its debut on December 29, 2022.

The meme asset went from a weekly low of $0.00000008889 to a high of $0.00000439 on Thursday, a massive 4,838% gain.

BONK has since retraced and is changing hands for $0.000002 at time of writing, representing a 1,665% gain over the past week and a 38.73% drop in the last 24 hours. BONK’s upswing comes at a time when the Solana is down over 94% from its all-time high of $259.

Last week, SOL and its affiliated crypto assets were delisted from the asset management platform Matrixport, which went as far as to say that they’d never list any SOL products ever again.

The news sent Solana crashing down to $8.27 at the time. The Ethereum (ETH) competitor has since stabilized and is moving for $13.26 at time of writing, a 60% rise during the last week.

Solana’s mini-recovery came after its developers received words of encouragement from ETH creator and billionaire Vitalik Buterin.

Earlier this week, Buterin said Solana’s future looks good as the “opportunistic” money put into it has been washed out.

“Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future. Hard for me to tell from [the] outside, but I hope the community gets its fair chance to thrive.”

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