image: u.today
The great battle of the self-brands was born in the early days of 2023. The year began with the release of Shiba Inu (SHIB) and Bonk (BONK). But who will be the grandmaster in this hype war?
Since Shiba Inu is already well-known in the cryptocurrency market, let's explain what Bonk is before analyzing it. For those familiar with the meme altcoin concept, there is nothing special about the new token other than helping the Solana (SOL) ecosystem.
How so?
Bonki is described as the first dog money for humans. Thus, 50% of all token proposals were transferred to the Solana community. As seen in recent years, altcoin memes have high speculative power and usually have good trading volume for a few days before losing momentum. Like the SOL block token, the project wants to shed Alameda Research's Solana image and bring liquidity to altcoin decentralized exchanges.
In 2022, Solana was one of the cryptocurrencies most affected by the collapse of the Sam Bankman-Fried (SBF) empire. The former billionaire was one of the biggest killer bets on Ethereum.
This support encouraged SBF and his trading company to invest not only in Solana, but also in cryptocurrency blockchain tokens. Shortly after the collapse of the company, these assets underwent a severe correction and were even removed from some exchanges.
A good example of this was Solana's online stalcoins USDT and USDC, which originated from major crypto platforms such as Binance and OKX.
However, this early year of 2023 showed that Bonk's initiative worked for Solana, as the altcoin rose more than 40% in the past seven days after BONk's even more surprising rise.
Shiba Inu vs. Bonk
In terms of capital growth, Solana's domain name wins. BONK is up about 1,800% over the past seven days, while SHIB is up 3% over the same period.
However, this significant growth happened because BONK has a much smaller market cap than Shiba Inu, which is ranked 16th in terms of market cap, and the ranking of the new altcoin is only 2593, making it much easier to grow.
The hype around BONK may indeed last for a while, as new investors decide to take the plunge, but believe that it is forever, that burning it will continue to help the token rise, or that it is largely responsible for Solana's actions. a resurgence into the top ten takes the crypto investor out of reality.
Booms don't last forever in the cryptocurrency market, and SOL's own founder said there's still a lot of work ahead.
The Shiba Inu scenario might be a bit better, although it won't aggressively affect altcoin prices. This is because it approaches Shibarium, a Layer 2 solution that can lower the transaction fees of the token on the Ethereum (ETH) network, making it more interesting to use for daily transfers.
Source : u.today
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