Solana’s meme coin, BONK, has surged by 200% in the past two weeks, hitting a market cap close to $3.7 billion.
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Although each token’s value is small, those who received freeBONKtokens in 2022 are seeing substantial gains. The airdrop, distributed to LamportDAO developers,gavethem 25 billion tokens worth $300 at the time, now worth over $1.3 million.
The token’s launch came during a tough period for Solana, following the FTX collapse, but BONK provided a boost to the ecosystem. It quickly became a symbol of hope for Solana’s community, offering much-needed relief to developers who had been struggling. For example, one developer used their airdrop to pay two months’ worth of rent, while others sold their tokens for essential expenses.
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While some developers sold their airdropped tokens immediately, others who held onto them are now benefiting from the substantial price increase. The initial BONK distribution reached 5% of the total token supply, meaning that manySolananetwork participants, from DeFi traders to NFT creators, were able to benefit from the unexpected windfall.
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For some, this has turned into a lifeline, helping them weather the tough crypto winter and continue working on projects within the Solana ecosystem. The recent price spike has left many developers reflecting on missed opportunities, but the situation has undeniably helped the Solana community regain momentum.
