Over the course of this week, members of the crypto community witnessed a surge in Bonk (BONK) due to multiple exchange listings and a tenfold increase in Solana mobile sales. Meanwhile, there are predictions that Solana will continue to outperform Ethereum.
During the week, the price of Bitcoin (BTC) consolidated between $40,200 and $44,000. Bitcoin's flash crash to $40,000 on Monday led to heavy liquidations.
However, the center of attention was Solana’s meme coin – BONK.
January 2024: The turning point for spot Bitcoin ETFs?
Anticipation of a spot Bitcoin exchange-traded fund (ETF) has led to this year's BTC rally. The final decision from the Securities and Exchange Commission (SEC) on more than ten spot Bitcoin ETF filings is expected in January 2024.
Last week, Fidelity asset managers met with SEC officials to discuss their ETF proposal. Fidelity is one of the largest asset managers in the world with over $4 trillion in assets under management (AUM).
The SEC's response date to Fidelity's Bitcoin ETF filing is expected to be between January 5 and 10, 2024. The SEC's final deadline is January 15, 2024.
Read more: How to Prepare for a Bitcoin ETF: A Step-by-Step Approach
A Solana ETF soon?
The broader crypto market is focused on the spot Bitcoin ETF, while some are also discussing a spot Ethereum ETF. However, the VanEck analyst expects that many companies will also apply for a spot Solana ETF next year.
This is because VanEck expects Solana to become one of the top three blockchain networks based on market cap, total value locked (TVL), and active users. According to VanEck analysts, Solana is a faster and more cost-effective alternative to Ethereum.
At the time of writing, Solana’s TVL is over $1 billion.
Read more: How to buy Solana (SOL) and everything you need to know
Solana total value locked. Source: DefiLlama
Bonk becomes the most viewed cryptocurrency
The screenshot below from CoinGecko shows that Solana’s meme coin – Bonk – was the most viewed cryptocurrency in the last 24 hours. Another meme coin, Chihuahua Chain (HUAHUA), was the second most viewed cryptocurrency on CoinGecko.
Solana Saga mobile sales increased 10x due to the Bonk hype
The Solana ecosystem has been one of the frontrunners of the crypto market’s current rally. And its meme coin – Bonk – is outperforming other well-known names like Dogecoin, Shiba Inu and PEPE.
In the last two months, Bonk is up almost 9,000%. Listings on centralized exchanges such as Binance and Coinbase have acted as a catalyst for the rally.
Additionally, the Bonk rally has caused Solana Mobile sales to increase 10-fold in the last 48 hours. This is because the web3 smartphone drops 30 million BONK tokens to buyers.
At the time of writing, the 30 million BONK tokens cost around $1,000. This means that the Solana Saga Mobiles are practically free for buyers.
Read more: 11 Hot Meme Coins and Altcoins Trending in 2023
BONK price. Source: BeInCrypto
What Events Can Cause the Death of Bitcoin?
Blockchain technology skeptics have declared the death of Bitcoin almost 500 times since 2010. However, the flagship cryptocurrency has been steadily recovering, reaching new all-time highs after each Bitcoin halving event.
Tomasz Wojewoda, Head of Business Development at BNB Chain, believes that only extreme events can kill Bitcoin. He says if crypto market participants forget about Bitcoin and never use it, then only its demand can fall to zero.
However, Wojewoda believes that demand will always remain due to Bitcoin's decentralized and borderless nature.
Read more: Simplifying the Bitcoin White Paper: A Comprehensive Guide
Bitcoin hits all-time high in Argentina
Countries with high inflation rates like Argentina are prime examples that the demand for Bitcoin will always remain. The country suffers from an annual inflation rate of 143%, with a ten-year average of 40% per year.
Therefore, citizens are considering digital assets such as Bitcoin, which are intended to serve as a hedge against inflation. While the Argentine peso is losing value, Bitcoin has hit new all-time highs.
Argentine President Javier Milei's emergency economic policy calls for a 50% devaluation of the Argentine peso to 800 instead of 400 pesos per dollar.
This week's crypto top 10
Compared to last week, Avalanche (AVAX) is the new addition to the list of top 10 cryptocurrencies based on market capitalization. In contrast, Dogecoin is no longer among the top 10 crypto assets.
Read more: What is market capitalization? Why is it important in crypto?
Top 10 crypto based on market capitalization. Source: BeInCrypto
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