BonkDAO Launches, Solana Price Surges 40% to Two Month High!

• BONK, a dog-themed token, announced the formation of BonkDAO in the Solana ecosystem.
• The news caused a 40% surge in the price of SOL, taking it to its highest price in over two months.
• BONK has caught the attention of memecoin enthusiasts and its market capitalization has hit over $60 million.

The Solana community has plenty of reasons to celebrate after the launch of BonkDAO. Bonk, a dog-themed token, announced the formation of BonkDAO on 14 January, giving the Solana network a much needed boost. Since then, the price of SOL has surged by 40%, taking it to its highest price in over two months.

The team behind BONK looked to capitalize on the buzz and become the first memecoin in the SOL ecosystem. The first step was to form the initial BonkDAO Council, which is composed of respected Solana community members from DeFi, 1/1 Art, and NFT projects. Their goal is to shift the focus away from ‚toxic Alameda tokenomics‘, which had plagued Solana throughout the latter half of 2022.

The news of BonkDAO’s formation has been well received, with BONK catching the attention of memecoin enthusiasts. Consequently, BONK’s market capitalization has hit over $60 million at press time. Moreover, the number of users has exploded since the beginning of the year, with more than 100k cumulative BONK wallets recorded at press time.

The bullish momentum of SOL has been further bolstered by the recent surge in DeFi activity, while NFT volumes have dipped. This has provided a much needed reprieve for the Solana community, which had been negatively affected by the FTX debacle.

The formation of BonkDAO is expected to further drive the growth of the Solana ecosystem, and the BONK-powered bullish rally looks set to push the price of SOL even further. It remains to be seen if the network will be able to sustain its current momentum, but for now, the future looks bright for Solana.

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