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As noted over the past few days, Solana (SOL) has once again become of interest to some cryptocurrency investors. Last week, the altcoin’s market capitalization rose 37%. However, much of that increase came through a meme altcoin.
Bonk (BONK) has been drawing attention in the very first days of 2023. In short, this altcoin is another blockchain meme and is seen as major market speculation. However, it has one small peculiarity.
According to the project’s website, the token on SOL’s network was developed to disassociate Alameda Research’s image from Solana, bringing liquidity back to the “Ethereum killer” ecosystem.
Without a doubt, this is an atypical fact. After all, it is an altcoin meme that is responsible for making one of the biggest projects in decentralized finance (DeFi) and non-fungible tokens (NFTs) go up, while serious projects with fundamentals do not and did not have that strength in 2022, even before the scandal in Sam Bankman-Fried’s (SBF) empire.
But there is a huge likelihood that Bonk will not maintain that hype for long. That is because, overall, the world is experiencing a major lack of liquidity, and there is not infinite money to put into a meme altcoin, further strengthening the concept that there is a great deal of speculation surrounding the token.
What could make Solana keep growing?
First, it should be noted that this bullish performance by SOL might end at any moment, as the bulls have yet to return to the cryptocurrency market. Therefore, in the short term, the altcoin may experience some correction.
With that in mind, we can move on to the positive side. In fact, 2023 could be a good year for Solana. One of the steps that should be taken in the coming months is toward improving the smart contract platform’s network.
Last year, Anatoly Yakovenko, co-founder of Solana, said he was aware of the problems of cryptocurrency outages. He stated that the second validator…
