Today’s significant decline in Solana’s popular meme coin, BONK, is the result of a persistent reversal that has halted its diverse development since the beginning of this month. As of this writing, BONK is trading for $0.00002116, up 1.06% over the last 24 hours. Earlier in the day, the token had declined by more than 10%.
Although price fluctuations are thought to have a significant role in a coin’s growth, BONK has a subtle strategy that might potentially lead to a significant turnaround in its price patterns. The cryptocurrency announced Santa Fest, a series of events that users must participate in in order to be eligible for prizes this Christmas season.
Using an eligible wallet to make a purchase inside Silicon Valley Bonk, putting at least one SOL into BONKbot, and engaging with BONK Swap in three ways—token exchanging, DeFi routing, and DCA utilization—are some of the actions that are included.
On Solana’s smartphone, Saga, the activities also involve downloading the BONK dApp and using it to play certain games. Users may utilise the Saga Genesis Pass on the dApp to claim their free BONK.
Driving BONK utility
The goal of the Santa activity and giveaway is to increase BONK’s usefulness in a way that has the potential to greatly impact the meme coin ecology.
Campaigns like this are crucial, particularly during bearish takeovers, even though BONK’s transaction count and burning actions are not quite comparable to those of Shiba Inu (SHIB).
Even though BONK is in a corrective mode, it has managed to pull off a number of shocks during the year to reassure some of its supporters that it can continue to develop at an exceptional rate. One estimate puts BONK’s six-month gain at 6,414%, notwithstanding the recent sell-offs.
