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'Ethereum Rival' Roars Back With 50% Surge Last Week After Flipping Polygon Briefly — All Thanks To This Meme Coin

Published 16/01/2023, 11:21
Updated 16/01/2023, 12:40
'Ethereum Rival' Roars Back With 50% Surge Last Week After Flipping Polygon Briefly — All Thanks To This Meme Coin

Benzinga - Solana (CRYPTO: SOL) is having an incredible comeback run in 2023 after seeing a dramatic decline of more than 80% in 2022.

What Happened: Solana gained 50% in the last seven days and, at the time of writing, was trading at $23, according to Benzinga Pro Data.

The once renowned "Ethereum (CRYPTO: ETH) killer" saw its highest trading volume since the week of the FTX collapse in November, which, along with most of the crypto market, brought down Solana.

Solana surged ahead of Polygon (CRYPTO: MATIC) on Saturday to claim a spot in the top 10 cryptocurrencies by market capitalization, topping $9 million.

See More: Best Crypto Day Trading Strategies

Solana has had an amazing run of good news recently, thanks to BONK (CRYPTO: BONK) — a Solana-based meme token — that set off a wave of excitement and drove the price of Solana to a seven-day high at the start of the new year.

Investors jumped aboard the bandwagon, excited to welcome a new canine-themed entry into the cryptocurrency arena alongside Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB).

Price Action: At the time of writing, BONK was trading at $0.000001396, up 24% in the last 24 hours, according to Benzinga Pro data.

Read Next: Bitcoin Surges Above $21K, Ethereum, Dogecoin Rally Intact — Analyst Says This 'Could Awaken Some Dormant Long-Term Bulls'

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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