This Week on Crypto Twitter: BONK Simply Won’t Quit

One week later, BONK nonetheless reigns supreme. 

Nevertheless unbelievable, the dog-themed Solana meme coin has spent one more week dominating frenzied discourse on Crypto Twitter, after displaying no indicators of letting up its weeks-long, monster streak. The coin is up 796% within the final month, in line with CoinGecko.

After hovering to new all-time highs this week, and blowing previous a market capitalization of $1 billion (since yesterday, the coin’s market cap has already nearly doubled to $1.758 billion), BONK acquired an extra injection of momentum after savvy Solana customers realized that the BONK that comes with the acquisition of any Solana Saga smartphone is now price extra than the cellphone’s asking worth. 

With BONK’s enduring success now lifting quite a few different initiatives within the Solana ecosystem,  Twitter customers doubled down on their fervent, diehard assist for the seemingly miraculous dog-themed token. 

“It’s not only a meme anymore,” Richard Wu, co-founder of Solana NFT market Tensor, posted Friday. “That is faith.” 

 The Solana group took a number of victory laps concerning BONK this week, narrativizing the coin’s success as simply the newest episode proving Solana’s superiority in comparison with different blockchains.

Different Solana customers went as far as to brag that BONK, at this level, has not solely “saved Solana from FTX” and “bought out” the Solana saga cellphone, amongst different exploits; it’s additionally, they (maybe jokingly) declare, destroyed many rival layer-2 blockchains with the uncooked power of its energy. 

BONK is admittedly highly effective nowadays; however most likely not that highly effective. On Friday, Ethereum scaling blockchain Arbitrum went darkish for over an hour, following an excessive surge in community exercise. Because it seems, Arbitrum was solely the newest layer-2 blockchain to endure by the hands of customers experimenting with pricey, seemingly redundant and network-clogging inscriptions. 

Some blockchain builders expressed their frustration on the growth, and the flexibility of such allegedly juvenile transactions to hamstring a few of crypto’s largest blockchains—even ascendant Solana.   

Edited by Ryan Ozawa.