CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

SOL rise: Solana price jumps 15.6% as dog meme coin BONK hype takes over

By Darius McQuaid

Edited by Charlie Mellor

15:49, 4 January 2023

The Solana (SOL) logo is displayed on a smartphone
BONK launched and began its first airdrops on 25 December 2022 – Photo: Getty Images

Solana (SOL) has enjoyed an increase in price at the same time as the meteoric rise of meme coin bonk (BONK), which describes itself as “the first Solana dog coin for the people, by the people”.

As of 12:27 GMT on 4 January, SOL was trading at $13.70, up by 15.68% compared with the previous day, according to CoinMarketCap. At about the same time, BONK was up by 106.10% and trading at $0.00000227.

BONK launched and began its first airdrops on 25 December 2022 and has since been a much-talked topic on crypto Twitter.

Following the airdrop, half of the total supply went straight to the SOL community, with 20% going to SOL non-fungible token (NFT) collectors, 15% to early openbook traders, 10% to SOL artists and collectors and 5% to SOL developers.

In the run-up to its launch, BONK announced via Twitter: “We’re here to reward everyone that made SOL what it is today.”



Prior to its rise, SOL had struggled during December 2022, with the majority of the month seeing losses for the crypto.


67,536.40 Price
+1.760% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00


0.52 Price
+1.420% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168


487.90 Price
+0.340% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50


0.15 Price
+2.530% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

One issue that has not helped SOL lately was the associations between it and Sam Bankman-Fried (also known as SBF), the founder and former CEO of bankrupt crypto exchange FTX.

SBF had held a large amount of SOL tokens and was a supporter of the crypto. Just before the collapse of FTX – which filed for bankruptcy on 11 November 2022 – SOL was trading at $37.

As part of the documentation on its webstie, BONK alluded to the FTX fallout directly and said:

“The bonk contributors were tired of toxic ‘Alameda’ tokenomics and wanted to make a fun meme coin where everyone gets a fair shot.”

Alameda Research was a quantitative crypto trading firm that was also founded by SBF and filed for bankruptcy at the same time as FTX.

What is your sentiment on SOL/USD?

Vote to see Traders sentiment!

Exchanges that list BONK

BONK has already grabbed the attention of established crypto exchanges, Bybit and Huobi, which have both listed the crypto.

Bybit announced that it would list BONK earlier on 4 January 2023 while Huobi issued a similar announcement the day before.

Markets in this article

Solana / USD
179.5346 USD
8.1874 +4.810%

Related topics

Rate this article

Related reading

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 610,000+ traders worldwide that chose to trade with

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading