Ekta Mourya
FXStreet
Solana price wiped out its losses from the last two weeks with a 15% gain overnight. The Ethereum-alternative outperformed large market capitalization cryptocurrencies like Bitcoin and Ethereum. The arrival of a new Shiba-Inu-themed cryptocurrency on Solana’s NFT marketplace MagicEden and the project’s announcement about airdropping 50% of its token is one of the factors that fueled the recovery.
Also read: XRP whales are scooping up Ripple ecosystem’s native token like the bottom is in, what to expect
Solana, the Ethereum-alternative, started its recovery with 15% overnight gains on January 3. The public blockchain platform with smart contract functionality witnessed a recovery in its price after leading NFT marketplace MagicEden announced the listing of a newly launched theme token.
Bonk (BONK) is a dog-themed cryptocurrency inspired by the Shiba Inu dog like meme coins Dogecoin and Shiba Inu. The announcement fueled interest among Solana community members and the team announced that around 50% of the token’s supply would be airdropped to users. An airdrop is a distribution of a token, typically offered for free in exchange for completing simple tasks. Airdrops distribute the supply of a token to numerous wallet addresses across the internet.
The airdrop garnered massive interest from the community and 20% of the token’s supply is going to Solana’s NFT collections, 297,000 individual NFTs. 10% of BONK is set aside for Solana focused artists and collectors in the ecosystem.
It’s a new year, maybe we should integrate some new cryptocurrencies or chains
Should we start with $BONK? Idk
The on-chain trade volume of Bonk crossed $19 million over the past 24 hours, confirming interest from the SOL community. Since its issuance on December 25, Bonk has over 85,000 holders and a market capitalization of nearly $93 million.
Interestingly, Solana-based projects have integrated BONK tokens as payment methods for their listed NFTs, driving interest and utility higher.
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Ethereum price wiped out its recent losses and rebounded above the $1,260 level. Large wallet investors on the altcoin’s network started scooping up ETH tokens through the December 16 local bottom in the Ethereum price chart.
Celsius, a bankrupt crypto lender owns $4.2 billion worth of cryptocurrencies in its Earn product. The presiding judge ruled in favor of the lender and stated that assets deposited to its interest-bearing products belong to the lender.
Binance US is facing stern opposition from the US Securities and Exchange Commission (SEC) and several financial regulators for its acquisition of bankrupt crypto lender Voyager Digital.
Bitcoin price held its ground above the 50-day Exponential Moving Average (EMA) at $16,714 and battled $760 million in liquidations at the $16,575 level. The largest asset by market capitalization is retesting crucial resistance at the beginning of 2023.
Bitcoin (BTC) price is traversing a channel that is sloping to the upside. Despite the consolidation, BTC is slowly climbing higher like clockwork. The recent Federal Open Market Committee (FOMC) Meeting on December 15 caused BTC to spike beyond the confines of the channel, but things are back to normal.
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