BONK Coin Rallies as Solana Mobile Sales Surge
This week, the crypto community witnessed the rise of Bonk (BONK) due to multiple exchange listings and a surge in Solana mobile phone sales. Additionally, there are predictions that Solana will continue to outperform Ethereum.
Spot Bitcoin ETF Decision Expected in January 2024
The anticipation of a spot Bitcoin exchange-traded fund (ETF) has driven the recent BTC rally. The final decision on more than ten spot Bitcoin ETF filings is expected from the Securities and Exchange Commission (SEC) in January 2024. Fidelity, one of the world’s largest asset managers, recently met with SEC officials to discuss their ETF proposal.
A Spot Solana ETF Could Be on the Horizon
While the broader crypto market focuses on a spot Bitcoin ETF, VanEck analyst believes that many firms will also file for a spot Solana ETF next year. VanEck anticipates that Solana will become a top three blockchain network based on market capitalization, total value locked (TVL), and active users.
Bonk Emerges as the Most Viewed Crypto
Solana’s meme coin, Bonk, has been the most viewed crypto in the past 24 hours according to CoinGecko. Another meme coin, Chihuahua Chain (HUAHUA), ranks second on CoinGecko’s list.
Solana Mobile Sales Surge Due to Bonk Hype
Bonk’s rally has resulted in a tenfold increase in Solana mobile sales. Buyers of Solana Saga Mobiles receive 30 million BONK tokens, effectively making the smartphones free of cost.
Bitcoin’s Resilience Against Extreme Events
Bitcoin has consistently rebounded from skeptics’ claims of its demise. According to Tomasz Wojewoda, head of business development at BNB Chain, extreme events and a complete loss of demand are the only factors that can potentially kill Bitcoin.
Bitcoin’s Demand in Inflation-Stricken Countries
Countries with high inflation rates, such as Argentina, demonstrate Bitcoin’s value as a hedge against inflation. As the Argentine Peso devalues, Bitcoin has been hitting new all-time highs.
Avalanche Joins the Top 10 Crypto Assets List
Avalanche (AVAX) is the new addition to the list of top 10 cryptocurrencies based on market capitalization. Dogecoin is no longer part of the top 10.
Hot Take: Solana’s Rise and Bonk’s Impact
The recent surge in Solana’s popularity, driven by Bonk’s rally and mobile phone sales, showcases the potential for alternative blockchain networks to outperform established ones like Ethereum. As the crypto market eagerly awaits the decision on spot Bitcoin ETFs in January 2024, attention is also turning towards the possibility of a spot Solana ETF. Overall, these developments highlight the dynamic nature of the crypto industry and the continuous emergence of new trends and opportunities.
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