Solana’s JTO and BONK Make Their Debut on OKX Exchange

OKX has listed two Solana-based tokens, Jito (JTO) and Bonk (BONK), after Solana’s very spectacular efficiency in December of 2023. Regardless of the current decline within the worth of Solana meme cash like BONK and Dogwifhat, Solana’s ecosystem continues to thrive, with its transaction quantity hovering to $42 billion in early January 2024. In the meantime, Crypto.com’s new promotional staking marketing campaign for Solana stakers presents the prospect to win BTC rewards. The token’s worth has been steadily rising, at present buying and selling round $98.34, with analysts predicting potential resistance ranges at $97, $109, $115, and $125, and a long-term goal of $200, particularly if Spot Bitcoin ETFs are authorised.

OKX Lists Solana’s JTO and BONK

After its nice successes in December of 2023, individuals simply cannot get sufficient of Solana (SOL). It looks as if cryptocurrency exchanges are keen to provide the individuals what they need as OKX has announced the itemizing of two tokens from the Solana blockchain: Jito (JTO) and Bonk (BONK).

The combination of JTO and BONK into OKX’s buying and selling platform was set to start out with the activation of the deposit characteristic at 2:00 a.m. UTC on Jan. 8, 2024. After this, the trade opened spot buying and selling pairs for JTO/USDT and BONK/USDT at 6:00 a.m. UTC on the identical day. Moreover, the withdrawal performance for each tokens might be out there from 10:00 a.m. UTC on Jan. 9, 2024.

Jito Community, the platform behind JTO, is a liquid staking protocol on the Solana blockchain. The JTO token performs an important position on this ecosystem because it serves because the governance token. With a complete provide of 1 billion, JTO is integral to the functioning and decision-making processes within the Jito Community.

On the opposite facet, BONK stands out as a meme coin on the Solana blockchain. It has carved a distinct segment for itself by mixing humor and social commentary within the crypto house. With a large complete provide of 100 trillion, BONK has captured the eye of the crypto neighborhood, not only for its sheer quantity and its distinctive method and use case, but in addition for its explosive worth efficiency on the finish of 2023.

The Declining Fortunes of Solana Meme Cash

The itemizing of JTO and BONK could be taking place at simply the proper time. The Solana community skilled an enormous surge within the recognition of meme cash. Amongst these, the dog-themed token bonk (BONK) stood out from the remainder of the tokens, witnessing a 1,000% rally over three months. Nonetheless, this success was short-lived as BONK’s worth plummeted by over 70% from its December peak, regardless of being listed on a variety of very fashionable exchanges.

One other meme coin, Dogwifhat, captured the eye of crypto lovers with its quirky picture of a canine carrying a hat. Initially, it provided a outstanding return of over 10,000% to early traders, nevertheless it too confronted a steep decline, dropping practically 80% from its all-time excessive (ATH). The downturn wasn’t solely restricted to dog-themed tokens. Cat-themed tokens like popcat (POPCAT) and chipi (CHIPI) additionally skilled a drastic fall in worth, with losses exceeding 90% from their ATHs.

The Solana ecosystem itself noticed a growth in December with listings on influential exchanges like Binance and Coinbase. This pleasure boosted the SOL token from $38 in early November to just about $120, and the worth locked in Solana purposes soared from $400 million in November to $1.3 billion, reaching heights final seen in July of 2022. Nonetheless, this progress part didn’t have the identical momentum heading into 2024 because the latter a part of December noticed a wave of profit-taking as valuations reached unsustainable ranges.

Crypto.com’s Staking Marketing campaign

Regardless of this loss in momentum, there may be nonetheless excellent news for Solana followers. Crypto.com rolled out a promotional marketing campaign, notably useful for Solana stakers. Crypto.com’s app now presents an on-chain staking operate. This characteristic isn’t solely restricted to ETH and SOL however extends to over 10 different widespread cryptocurrencies, together with Polkadot (DOT). One of the interesting points of this staking choice is the common rewards it generates for customers. Moreover, it boasts a limiteless staking quota and presents individuals the flexibleness to unstake at any time after activation.

So as to add much more pleasure to this marketing campaign, Crypto.com introduced a particular bonus. Customers who actively have interaction with the staking characteristic throughout the promotional interval stand an opportunity to win a share of $20,000 value of BTC. The marketing campaign, which kicked off in late December of 2023, is about to run till Apr. 10, 2024, 12:00 a.m. UTC. The staking interval itself spans three months, ranging from Jan. 10, 2024, at 10:00 a.m. UTC.

A very thrilling side of this marketing campaign is the Staking Problem tailor-made for SOL customers. This problem incorporates a Reward Pool of $10,000. The highest 500 customers, which might be decided by the common quantity of their SOL stake over the 90-day interval, will every be awarded $20 in BTC.

$200 Worth Predictions for SOL

The Solana community additionally lately witnessed a surge in its day by day transaction quantity, reaching a formidable $42 billion within the first week of January 2024. It is a huge improve from the $5.47 billion recorded within the first week of December. The surge in transaction quantity additionally coincides with a gentle rise within the worth of Solana’s native token, SOL.

In response to the most recent information from CoinMarketCap, SOL is buying and selling palms at $98.34 after its worth was in a position to climb by about 3.78% previously 24 hours of buying and selling. Regardless of experiencing some fluctuations over the previous few days, the general momentum for Solana nonetheless appears to stay sturdy.

Whereas the SOL token has not breached the $100 mark, many individuals consider its trajectory suggests nice long-term potential. Market analysts and lovers are intently watching key resistance ranges at $97, $109, $115, and $125. Breaking via these obstacles may pave the way in which for SOL to succeed in the $200 milestone. SOL’s worth may be given a leg-up by the truth that the broader crypto business is prepared for a lift if Spot Bitcoin ETFs get authorised.