Rival Solana-Based Dogecoin (SOL) Rises 4.838% in Wild Cryptocurrency Breakout

A dog-themed cryptocurrency built on the Solana (SOL) smart contract platform is growing despite the recent struggles of the SOL ecosystem.

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

The meme asset jumped from a weekly low of $0.00000008889 to a high of $0.00000439 on Thursday, a whopping 4.838% gain.

BONK has since retraced and is changing hands by $0.000002 at the time of writing, representing a 1.665% gain over the past week and a 38.73% decline over the past 24 hours. BONK’s recovery comes as the Solana is down more than 94% from its all-time high of $259.

Last week, SOL and its affiliated crypto assets were delisted from the Matrixport wealth management platform, which went as far as saying they would never again list any SOL products.

The news sent Solana tumbling to $8.27 at the time. Ethereum’s (ETH) competitor has since stabilized and as of this writing is trading at $13.26, up 60% over the past week.

Solana’s mini-reprise 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 invested has been wiped out.

“A few smart folks tell me there’s a serious community of smart developers in Solana, and now that the dreadful opportunistic money has been wiped out, the chain has a bright future. Hard for me to say [the] out, but I hope the community gets its fair chance to thrive.

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