BONK is up by 4335.25% in the last 6 days. It is the first meme crypto on Solana blockchain and has been responsible for boosting the price of SOL token in the past week.

Solana was affected drastically due to its relation with Alameda research and the collapsed leading crypto exchange FTX. The price and trading volume had been dropping sharply since FTX filed for bankruptcy.

Huobi exchange, MEXC Global, and Bybit also announced of listing the token due to the increased interest among investors. BONK is being compared to meme cryptos like Dogecoin and Shiba Inu, that gained massively in the bull market.

Also read: How Solana Meme Token BONK Sharp Selloff Will Impact SOL Price?

Solana Co-Founder Shares His Vision

Amidst all this, the co-founder of Solana took to his Twitter handle to talk about the decentralized system and social layers in it. He says that L1 blockchains are a conglomeration of social networks, financial systems, state systems, national governments, cultural movements, payments networks, hft exchanges, consumer goods, and memes.

He adds that it's challenging to get any of these things perfect on the L1 blockchain and to get it completely right seems impossible.

The previous several weeks have been a significant step forward in the validation, but there is still a ton of work to be done. He added that the extremely talented engineers are working on it.

there’s still a ton of work ahead (mostly for several orgs of insanely talented systems engineers, who seem borderline masochistic) but the past few weeks have been a huge leap forward in the validation of this monolithic decentralized state machine and its social layer.

— raj (@rajgokal) January 5, 2023

Also read: SHIB Vs BONK: Shiba Inu Ecosystem Tokens SHIB And BONE Chase BONK Hype

Solana’s price boost

Bonk is currently seeing a boost of 1004.64% in the trading volume in the last 24 hours. The market cap for the crypto is at 228.752 million USD. Each BONK token is costing 0.000004122 USD, an increase of 138.61% in the last 24 hours. However, Solana has fallen down by 5.33% in the last 24 hours and the trading volume has dropped by 43.33% over the last day. However, the crypto saw a massive jump in the past 7 days as it went as high as 14.03 USD. It was trading at 8.1689 USD on 30th December, 2022 and is trading at 13.25 USD on 5th January, 2023.