On Solana-based decentralized exchanges, BONK, the meme coin, has had some of the most significant trading volumes and has increased by almost 150% in the last day.
Crypto traders are still looking for the next big story to produce profits despite the flat market and persistent contagion risks.
In the Solana (SOL) ecosystem, a meme coin is at the center of that.
A Shiba Inu-themed coin called Bonk, released on December 25, has returned traders almost 2,220% over the last week, with a 150% increase just in the previous 24 hours.
As reported on Tuesday, the airdrop of the token to the Solana NFT founders and communities quickly generated interest in it and increased trading activity for the new coin.
Data from Orca
However, those who invested early aren’t the only ones that profit.
For trading pairs, including BONK, liquidity pools on Solana-based decentralized exchanges (DEX) like Orca have drawn over $20 million in volume, generating thousands of dollars in fees for liquidity providers.
Investors that stake their cryptocurrency tokens on DEXs are known as liquidity providers and receive transaction fees, typically in the form of token rewards.
According to Orca data, the BONK/SOL pair has seen trading activity of over $14 million, while the BONK/USD Coin pair has a trading volume of over $6.2 million.
Both pools distribute more than 24% of their daily payouts, or around 1%, to liquidity providers.
Thanks to the metrics, Bonk became the most popular token on Orca, a well-known Solana DEX, with trading volumes exceeding even Solana, which is often the most popular trading pair with USDC.
Steady Adoption for Bonk Tokens in Solana Ecosystem
If BONK demand and hype slow down in the upcoming weeks and traders take profits, the returns will likely be fleeting.
Despite being designed as a meme coin, the Solana ecosystem is steadily adopting Bonk tokens.
According to Twitter, more than 1 billion BONK had been burned in the last day.
In the meantime, the demand for SOL tokens has probably been influenced by the viral buzz. Since last week, prices have increased by 16%, recouping losses following a sharp decrease.