The Solana-based meme coin, with a canine theme, continued to lead conversations on Twitter for another week. This surge in popularity has caused significant congestion on several layer 2 networks due to a high number of inscriptions.
A week has passed, and BONK remains at the forefront.
Despite the odds, this dog-inspired meme coin on the Solana blockchain has maintained its strong presence in the heated discussions within the crypto community on Twitter. It’s been an impressive several weeks for this coin, which, as per CoinGecko’s data, has seen an increase of 796% in value over the past month.
This week witnessed BONK cryptocurrency reaching unprecedented peaks, surpassing a $1 billion market valuation. Remarkably, since yesterday, the market cap of BONK has nearly doubled, hitting an impressive $1.758 billion. Adding to this surge, astute Solana enthusiasts discovered that the BONK included with every Solana Saga smartphone purchase now exceeds the retail price of the phone itself, fueling even more interest and momentum in the cryptocurrency.
Me with my 1729293 new Saga phones trading memecoins with Bonk profits. pic.twitter.com/2KNmYZGsKE
— Solana Sensei (@SolanaSensei) December 15, 2023
The continued triumph of BONK is not only bolstering its own standing but also positively influencing various other initiatives within the Solana framework. Enthusiastic support for this remarkable, canine-inspired token is intensifying among Twitter users, who are increasingly vocal in their endorsement.
Richard Wu, the co-creator of the Solana-based NFT platform Tensor, shared his thoughts on Friday, emphasizing the token’s significance. “This has transcended beyond a mere meme,” he said. “It’s now akin to a belief system.”
This is crazy.
— Richard | Tensor ⚛️⚡️ (@0xrwu) December 15, 2023
BONK saved Solana on Christmas 2022.
BONK is saving the Solana Saga Phone on Christmas 2023.
Unlike other dog coins, BONK has been the savior of the most battle-tested high-throughout L1.
It’s not just a meme anymore. This is religion.
This week, supporters of Solana celebrated the achievements of BONK, presenting its success as the most recent demonstration of Solana’s edge over other blockchain platforms.
First it was pyth, then jito, now bonk
— mert | helius.dev (d/acc) (@0xMert_) December 15, 2023
and there are many more coming
I hope you see that we're just getting started here
This is what happens when after this many years we finally have a fast, cheap, and scalable blockchain
Accelerate
Some enthusiasts within the Solana community have enthusiastically asserted that BONK has played a pivotal role in revitalizing Solana in the aftermath of the FTX crisis. They credit BONK with not just reviving interest in Solana but also claim it contributed significantly to the sell-out of the Solana Saga phone, among other achievements. Additionally, there are somewhat humorous suggestions that BONK has even outperformed several competing layer-2 blockchains solely through its sheer impact and influence.
bonk saved solana from FTX
— degen poet (@solanapoet) December 15, 2023
bonk paid artists & devs wen there was no money on chain
bonk first sol dog to 1 billion
bonk paved way for SPL on coinbase
bonk sold out saga phone
bonk pump SOL nfts over ETH
bonk destroying L2s https://t.co/IyhgTxA8n7
Recently, BONK has been gaining significant traction, yet it may not be as influential as some believe. Last Friday, the Ethereum-based scaling solution Arbitrum experienced an outage lasting more than an hour. This disruption was caused by an intense spike in network usage. It turns out that Arbitrum is just the latest in a series of layer-2 blockchains to be impacted by users engaging in expensive, seemingly unnecessary transactions that congest the network.
Several blockchain developers have voiced their dissatisfaction with these developments. They are particularly concerned about the capacity of such transactions, often viewed as frivolous, to disrupt major crypto platforms, including the rapidly growing Solana.
Honestly
— mert | helius.dev (d/acc) (@0xMert_) December 15, 2023
This is one of the moments that makes you crack as a dev
You put years into building the best distributed system you can and then a literal JPEG pwns your entire system
This has now happened to Etherem, Solana, Bitcoin, and Arbitrum lol
Godspeed lads https://t.co/FT57pZBKhC
What's the value prop of inscriptions on a layer two like Arbitrum? I need to know who is this fucking bored.
— themovingavg (@themovingavg) December 15, 2023