'Ethereum Rival' Roars Back With 50% Surge Last Week After Flipping Polygon Briefly — All Thanks To This Meme Coin

Solana SOL/USD is having an incredible comeback run in 2023 after seeing a dramatic decline of more than 80% in 2022.  

What Happened: Solana gained 50% in the last seven days and, at the time of writing, was trading at $23, according to Benzinga Pro Data.

The once renowned "Ethereum ETH/USD killer" saw its highest trading volume since the week of the FTX collapse in November, which, along with most of the crypto market, brought down Solana. 

Solana surged ahead of Polygon MATIC/USD on Saturday to claim a spot in the top 10 cryptocurrencies by market capitalization, topping $9 million.

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Solana has had an amazing run of good news recently, thanks to BONK BONK/USD — a Solana-based meme token — that set off a wave of excitement and drove the price of Solana to a seven-day high at the start of the new year.

Investors jumped aboard the bandwagon, excited to welcome a new canine-themed entry into the cryptocurrency arena alongside Dogecoin DOGE/USD and Shiba Inu SHIB/USD.

Price Action: At the time of writing, BONK was trading at $0.000001396, up 24% in the last 24 hours, according to Benzinga Pro data.

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