May 8, 2024

Shiba Inu-Themed BONK Tokens See Surge in Popularity on Solana DEXs, Earning Nearly 1,000% for Liquidity Providers

Shiba Inu-themed BONK tokens have seen a surge in popularity on Solana-based decentralized exchanges, with liquidity pools earning nearly 1,000% for liquidity providers in the past week. BONK tokens were airdropped to Solana NFT (non-fungible token) communities and creators on December 25th, leading to a rapid increase in hype and trading volumes. In the past 24 hours alone, BONK has returned 150% to traders, with total returns of 2,220% over the past week. BONK has become the most traded token on popular Solana DEX Orca, even surpassing the usually top-traded SOL and USDC pairs. However, the high yields are expected to be short-lived if the demand and hype for BONK decreases in the coming weeks. Despite being marketed as a meme coin, BONK has seen steady adoption in the Solana ecosystem, with several projects integrating the tokens for use as payment for listed NFTs and introducing “burn” mechanisms for NFT-based events. The interest in BONK has also contributed to the demand for SOL tokens, which have risen 16% in the past 24 hours.

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