Solana Unleashed a Wild Dog: BONK 🐶

Good Morning, Switchers 🌞

👋Welcome to Switch Daily.

Remember when we had TVs with inbuilt games way back in the 2000s? It had games like Snake, and Super Mario, where you had to press the nav buttons on your remote to jump and save the princess. Nostalgia! 😇

But that’s all purana zamana. Some of the television giants are striving to bring the metaverse into your living rooms and replace the remotes with VR sets.

Recently, LG Electronics announced a collaboration with cloud-based technology platforms Oorbit and Pixelynx, a company that is developing an integrated music, gaming, and Web3 ecosystem.

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Here’s what we’ve got for you today: 

• Market pulse

• $BONK

• Spicy news

• Meme of the day

Market pulse 📈

The market is moving like a snail 🐌

The new year started well, but the crypto market failed to follow the trend in the week that followed, including yesterday. The crypto market mainly experienced a bearish session, and most of the top cryptos by market cap were trading in the red, with XRP, MATIC, and DOGE leading the way down.

Making the session grimmer, BTC joined the red army failing to revisit $17,000. However, ADA bucked the trend registering a marginal gain of 0.37%. The session resulted in the crypto market cap falling by $3.42 billion ending the day at $777.12 billion.

$BONK is going Bonkers 🤯

You know how Solana took a hit when the infamous FTX crash happened?

If you don’t, you have to check this out! 

After suffering heavy losses, SOL is finally springing back on its feet. Last week alone, the token recorded 36% gains and is trading at ~$14.

But what’s causing this spike?  

***Enter $BONK***

What is BONK? 

It’s like the Gen Z cousin of Dogecoin that was created by the Solana network. According to the Bonk paper,

“The Bonk contributors were tired of toxic “Alameda” tokenomics and wanted to make a fun memecoin where everyone gets a fair shot.” 

Basically, let’s say Solana wanted everyone to forget the fact that they were heavily associated with FTX, and so they created another fun Dog coin to make the rounds. We know what you are thinking. Huh, why another memecoin, right?

The market has a different view. 

Solana randomly decided to drop 50% of the BONK supply to its community on Dec 24. Since then, the new memecoin ​​has quickly grown to a $100+ million market capitalization. According to a Dune Analytics query, transactions involving BONK increased from nearly non-existent to an hourly high of over 88,400 on January 3.

Still not clear what BONK’s underlying value is. What we are seeing is just memes all over and a dog-coin created to boost a falling network. But again, that’s what everyone said about the likes of Shiba INU, but the community came together to create value out of nothing but memes. We’ll have to wait and watch if the Solana community is capable of pulling such a thing off. 

After all, Solana has gained support from Vitalik who asked his followers to give the blockchain another chance.

A quick word. BONK is still in its early hype stages and we would wait to see its growth before we dunk all our money into another memecoin. But, you do you and don’t forget to DYOR. 

Note: None of this is financial advice, and we’re not financial advisors. We’re merely your fellow investors who share information on the go. 

Let’s talk about Proof of Reserves 📻

What’s making the headlines? 🗞

🦧Mutant Ape Planet is accused of defrauding customers out of $2.9 million.

Aurelien Michel the founder of Mutant Ape, was charged in federal court in Brooklyn with defrauding customers of the NFT project "Mutant Ape Planet" out of $2.9 million.

📉DeFi Losses Hit $3.64 Billion in 2022

According to a report released on January 5 by Chinese blockchain security firm LianAn Technology, decentralised finance (DeFi) exploits across blockchains worldwide will total $3.64 billion in 2022. This represented a 47.4% increase over the $2.44 billion loss in 2021.

🏆Cardano stands first in development activity

According to Santiment's reports, the public blockchain platform Cardano has been ranked as the top protocol in terms of development activity. Polkadot and Cosmos, the second and third most popular blockchain platforms, followed Cardano.

Meme of the day!

Thank You,

See you later, folks. 👋

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