SOL Based BONK Token Up 150% in 24-hrs
Bonk, a Shiba Inu-themed token released on December 25, has returned 2,220% to traders in the last week, including a 150% increase in the last 24 hours. The token was distributed via airdrop to Solana NFT communities and creators, resulting in rapid hype and trading volumes for the young token.
However, early investors aren’t the only ones benefiting. Liquidity pools on Solana-based decentralised exchanges (DEX) such as Orca have attracted over $20 million in volume for trading pairs involving BONK, netting liquidity providers thousands of dollars in fees.
Investors who stake their cryptocurrency tokens on DEXs to earn transaction fees, usually in the form of token rewards, are known as liquidity providers.
According to Orca data, the BONK/SOL pair has over $14 million in trading volume, while the BONK/USD Coin pair has over $6.2 million. Both pools pay out nearly 1% hourly to liquidity providers, or more than 24% per day.
(Reporting by Shikha Singh; Editing by Kapil Rajyaguru)
You need to login in order to Like
