While the price of Bitcoin has been trading sideways above $40,000 for about ten days, other cryptocurrencies are showing very interesting movements, such as Bonk, Solana, and Filecoin.
Below, a detailed analysis of them.
Summary
The crypto Bonk boom: how do Solana and Filecoin react?
What is happening to Bonk is sensational: +90% in just one day.
Yesterday the price was about 15 millionths of a dollar, today it has jumped to almost 30 millionths.
On the contrary, today it reached its new all-time high at almost 35 millionths, before dropping below 30.
This is a token that has been around for less than a year, so it has not gone through the last major bull run.
Note that when it was launched, at the end of December 2022, its price was less than one millionth of a dollar, although by the beginning of January 2023 it had risen to 4 millionths, only to then drop back below one millionth.
Starting from the end of October, when the crypto markets woke up, it began a growth path that first brought it back to 4 thousandths in November, and then with a new boom that allowed it to make a total of +900% in the last thirty days.
This growth was caused first by the news of the listing on Binance, and then especially by the news of the listing on Coinbase.
The listing took place yesterday, so in the past few days the price has risen in anticipation of the listing, while today’s boom is due to the actual listing on two of the world’s major crypto exchanges.
Bonk is defined as a “community token” of web3, or the “people’s dog coin”. Its success in some ways resembles that of Shiba Inu in the first half of 2021.
It was launched as an airdrop on Solana last Christmas, and now it has almost 650,000 holders and is available on 10 chains.
Solana’s performance
Different story for Solana, but with one common thing: today it reached the new annual highs of 2023.
In fact, today the price of SOL has risen by 7% compared to yesterday, and briefly reached $79, which is currently the highest price of the year.
It is possible that this growth is somehow connected to that of Bonk.
In fact, the Solana Saga smartphone is sold-out in the USA precisely because of the Bonk airdrop.
The sales of Saga have increased by 10 times in 48 hours thanks to Solana’s announcement of an airdrop of Bonk only for those who have downloaded the Bonk app through the phone’s dApp store.
However, it should be noted that compared to seven days ago, the growth of SOL has decreased by 5%, because starting from December 9th it had begun a slight descent below $65.
The fact is that Solana’s price has been steadily increasing since the end of October.
Or it started to rise when the crypto markets woke up, but while for example the growth of Bitcoin stopped about ten days ago, SOL’s growth is continuing.
Despite this, it is still 70% below the all-time highs of 2021, but this is because it had dropped significantly in 2022. In fact, from $260 in November 2021, it had plummeted to $9.6 on December 30th of last year.
At the beginning of 2023, he managed to rise above $25, but only to fall back below $15.
In late September it was still at $20, but by mid-October it had started to approach $25. The rest was a real boom of 200% in less than two months.
Filecoin Analysis
Filecoin, on the other hand, is going against the trend.
In fact, it is down by -8% compared to seven days ago, and down by -9% compared to a month ago, despite today’s +1.5%.
Furthermore, it is still down 98% from the highs of April 2021.
The fact is that the price of FIL in 2023 has not performed particularly well.
If by the end of 2022 it had dropped below $3, by early January it had already returned to $5.5, and after mid-February it briefly boomed up to $8.5. Since then, things have gone downhill, with a drop to $3.5 in June that had almost nullified all the gains, and then a phase of sideways movement around $4.
However, at the end of October it had started to grow along with the crypto markets, with a +60% that brought it back above $5 in mid-November. But starting from the end of November, this momentum has faded, to the point that it then returned just above $4 at the end of the same month.
Now it is at $4.7, but in fact it has been fluctuating around $4 since June, although it has also dropped to $3.
To give an idea of how difficult the situation is, it is worth noting that the current price is lower than that of the second half of 2020, i.e. before the last major bull run began. In fact, it is even lower than the launch price of $11 in December 2017.
It is therefore a crypto project in strong crisis.
