{"id":535254,"date":"2023-01-05T01:31:56","date_gmt":"2023-01-04T22:31:56","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bonk-token-goes-bonkers-as-traders-chase-after-high-yields-in-the-solana-ecosystem\/"},"modified":"2023-01-05T01:31:56","modified_gmt":"2023-01-04T22:31:56","slug":"bonk-token-goes-bonkers-as-traders-chase-after-high-yields-in-the-solana-ecosystem","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bonk-token-goes-bonkers-as-traders-chase-after-high-yields-in-the-solana-ecosystem\/","title":{"rendered":"# Bonk token goes bonkers as traders chase after high yields in the Solana ecosystem"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a502b5e031b2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a502b5e031b2\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bonk-token-goes-bonkers-as-traders-chase-after-high-yields-in-the-solana-ecosystem\/#%E2%80%9D_Bonk_token_goes_bonkers_as_traders_chase_after_high_yields_in_the_Solana_ecosystem_%E2%80%9C\" >&#8221; Bonk token goes bonkers as traders chase after high yields in the Solana ecosystem &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bonk-token-goes-bonkers-as-traders-chase-after-high-yields-in-the-solana-ecosystem\/#High_yield_returns\" >High yield returns<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bonk-token-goes-bonkers-as-traders-chase-after-high-yields-in-the-solana-ecosystem\/#Solana_SOL_bounces_alongside_Bonk\" >Solana (SOL) bounces alongside Bonk<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bonk_token_goes_bonkers_as_traders_chase_after_high_yields_in_the_Solana_ecosystem_%E2%80%9C\"><\/span>&#8221; Bonk token goes bonkers as traders chase after high yields in the Solana ecosystem &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-6ed77c39>Bonk, a meme token modeled after Shiba Inu (SHIB) that launched on Dec. 25, is skyrocketing and some traders believe the token\u2019s trading volume is potentially driving Solana\u2019s (SOL) price up. Over the past 48 hours, SOL price has gained 34%, and in the past 24 hours, Bonk has climbed 117%, according to data from CoinMarketCap. While the wider crypto market remains suppressed, traders are hoping that Bonk could present new opportunities during the downturn.\u00a0<\/p>\n<p>According to the project\u2019s website, Bonk is the first dog token on the Solana blockchain. Initially, 50% of the token supply was airdropped to Solana users with a mission to remove toxic Alameda-styled token economics. The airdrop resulted in more than $20 million in trading volume according to the Solana decentralized exchange Orca. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"High_yield_returns\"><\/span>High yield returns<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Liquidity providers (LPs) stand to benefit from interacting with Bonk, and on Jan. 4, LPs are earning over 999% APR, which is much higher than the popular SOL\/USD Coin (USDC) pairing. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/8defcf5f-32f9-4488-a4c6-ab0eec0aacdf.png\"><figcaption style=\"text-align: center;\"><em>Liquidity provider returns on Orca. Source: Orca<\/em><\/figcaption><\/figure>\n<p>While high yields do not always stay high, the current rates show large market demand for Bonk. In addition to the increase in demand, Bonk also burned 1 billion of supply on Jan. 3. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">WE BURNED 1 BILLION BONK TOTAL TODAY  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/XDHP2YzXzu\">pic.twitter.com\/XDHP2YzXzu<\/a><\/p>\n<p>\u2014 degen poet (@degenpoet) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/degenpoet\/status\/1610496359362363398?ref_src=twsrc%5Etfw\">January 4, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Solana_SOL_bounces_alongside_Bonk\"><\/span>Solana (SOL) bounces alongside Bonk<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Blockchains like Solana benefit from increased usage. After the FTX collapse, Solana saw multiple projects leaving the ecosystem. On Jan. 4, Solana saw an 18.6% increase in 24-hour fees and a 15.8% increase in 24-hour daily active users. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/a808f9a4-c9af-40de-b63e-fefd6c4a446e.png\"><figcaption style=\"text-align: center;\"><em>Solana fees and daily active users. Source: TokenTerminal<\/em><\/figcaption><\/figure>\n<p>In addition to fees and daily active user increases, SOL price rallied above $14 on Jan. 4 for the first time since Dec. 14. Some crypto market participants are attributing Bonk\u2019s growth to Solana\u2019s price action. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Solana is up 33% in two days as newly launched dog coin BONK gains community hype <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/XusvGHg24X\">pic.twitter.com\/XusvGHg24X<\/a><\/p>\n<p>\u2014 Joe Weisenthal (@TheStalwart) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TheStalwart\/status\/1610422988540678147?ref_src=twsrc%5Etfw\">January 3, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>While Bonk is merely a meme token, the increasing demand is a positive sign for the Solana blockchain. This is a sign that Vitalik Buterin may get his wish that Solana gets a \u201cchance to thrive.\u201d<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bonk-token-goes-bonkers-as-traders-chase-after-high-yields-in-the-solana-ecosystem\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bonk token goes bonkers as traders chase after high yields in the Solana ecosystem &#8220; Bonk, a meme token modeled after Shiba Inu (SHIB) that launched on Dec. 25, is skyrocketing and some traders believe the token\u2019s trading volume is potentially driving Solana\u2019s (SOL) price up. Over the past 48 hours, SOL price has&#8230;<\/p>\n","protected":false},"author":1,"featured_media":535255,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/f55c2d32-ab1d-4cff-8ef5-dfb92533c469.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74863,74860,74868,122237,92498,74892,75995,73785],"class_list":["post-535254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-defi","tag-shiba-inu","tag-solana","tag-tokens","tag-vitalik-buterin","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/535254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=535254"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/535254\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/535255"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=535254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=535254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=535254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}