- Solana dog shitcoin has been trading in a bullish trend in the past one week.
- Top 20 of the BONK holders control 50% of the total supply of the cryptocurrency.
- A dump in Bonk market is inevitable.
A recent report that was published on Twitter stated that the Solana (SOL) dog shitcoin has been trading in an upward trend over the course of the past week, which has resulted in the price of the altcoin to gain an increase of 1,400 percent in its price.
Before putting their money into the digital currency, investors need to exercise caution. This is due to the fact that the top 20 holders of “BONK” control fifty percent of the total supply, which suggests that a drop could be inevitable and as a result, a bearish sentiment might be expected to be prevalent in the market. The report also ask the investors not to be very FOMO as the price of the BONK might not be that promising.
As per a post on Reddit, the Solana community received an airdrop of fifty percent of the total supply of Bonk. This makes Bonk the first Solana dog coin that was created for the people, by the people. Because the developers of Bonk were fed up with the toxic “Alameda” tokenomics, they came up with the idea for this memecoin in an effort to make something that would be enjoyable for everyone.
This follows after a tweet by Ethereum’s founder and CEO, Vitalik Buterein, who said, “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.”
According to CoinMarketCap data, Solana is currently trading at $13.20, down 3.33% in the last 24 hours, with a market capitalization of $4.8 billion and a market rank of 15.
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