BONK Mania: How A $300 Christmas Gift To Solana Developers Snowballed Into $500K

The Solana SOL/USD network’s developers are celebrating a windfall, thanks to a BONK token airdrop they received last Christmas. The initial worth of the airdrop was a mere $300, but it has now skyrocketed to an impressive $500,000.

What Happened: According to a report by Decrypt, Solana developers were gifted 25 billion BONK tokens as a Christmas gift from the LamportDAO community in December 2022. Valued at around $300 at the time, the meme coin BONK has surged 821% over the past 30 days. Its market cap has now surpassed the $1 billion mark.

LamportDAO developers collectively received about 5% of the total token supply.

The coolest thing about this is that 500-900$ is actually worth quite a bit in certain places of the world (e.g. Turkish Lira was down 83% wrt to USD), so hopefully this helps them build with a bit more comfort
— mert | helius.dev (d/acc) (@0xMert_) December 25, 2022

Currently, any developer who held onto the 25 billion BONK airdrop is sitting on over half a million dollars worth of Solana tokens. Mert Mumtaz, the co-founder and CEO of Helius and founder of LamportDAO, disclosed that around 173 developers received the same-sized airdrop last Christmas.

Why It Matters: BONK’s trading volume saw a 140% increase reaching 681 million on Thursday. This surge outperformed other leading meme cryptocurrencies including Dogecoin DOGE/USD and Shiba Inu SHIB/USD which only rose 4-6% in the last 24 hours.

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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