Solana: Can memecoin BONK aid SOL’s move

• Solana’s BONK memecoin gained traction, with whales accumulating.
• Solana network activity surged, reflecting in a massive growth in SOL’s price.

The OKX exchange recently witnessed the listing of Solana [SOL] tokens, including the memecoin BONK, which has been gaining significant traction within the crypto community.

Whales move in

The rising interest in BONK prompted accumulation by whales. This was exemplified by a trader’s $6.9 million profit on BONK after strategically buying and selling substantial amounts.

This smart trader who made ~$6.9M on $BONK spent 386 $SOL($40K) to buy 3.29B $BONK again today!

He accumulated 371.4B $BONK in 9 months at a cost of only 6,998 $SOL($276K) and sold half of the $BONK during the $BONK surge for 50,139 $SOL($5.2M).https://t.co/pOFRD2ndI8 pic.twitter.com/lkgGm13G0e

— Lookonchain (@lookonchain) January 9, 2024

Simultaneously, Solana experienced a remarkable surge in activity, with daily active addresses growing by an impressive 141% in the last 90 days, according to Artemis’ data.

This heightened engagement is a positive sign for the network, indicating a growing user base and increased utilization.

Daily active addresses have been popping off on almost every chain for the last 3 months.

Biggest absolute increases for:
1) Solana (299K)
2) NEAR (279K)
3) Polygon (238K)
4) BNB Chain (161K)
5) ZK Sync (89K) pic.twitter.com/1TjoX5XuF1

— Haseeb ＞|＜ (@hosseeb) January 9, 2024

Developments on the rise

The development front of Solana further reinforced its position in the market. The ecosystem witnessed significant progress in tooling, developer experience, and content quality.

With a monthly active developer count consistently ranging between 2500-3000 throughout 2023, Solana demonstrated its ability to attract and retain top-tier talent. Developer retention, exceeding 50%, underscores the commitment of new developers to the SOL ecosystem.

1/ In 2023, the Solana developer ecosystem made major advances in tooling, developer experience, & quality of content.

Today the Solana ecosystem has over 2500 monthly active developers on open source repositories and developer retention is over 50%.https://t.co/XwByL3HSuR🧵 pic.twitter.com/UnglforurA

— Solana (@solana) January 8, 2024

Solana’s hackathons have garnered significant participation, with more than 900 submissions in the recent Hyperdrive hackathon.

This indicates a thriving developer community and positions the network as an appealing platform for future developers.

How much are 1,10,100 SOLs worth today?

Considering these positive developments, the token’s price reflected the overall optimism.

At press time, SOL was trading at $100.54, showing an impressive 11.2% growth in the last 24 hours.

Source: Santiment