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What is HONK and Why has it Rallied 288% in 2 Days?

9M agoā€¢
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Solana Memecoin HONK Rallies 288% On Pure Hype

NEW DELHI (CoinChapter.com) ā€” Memecoin Honk (HONK) enjoyed an explosive rally recently that helped the Solana-based memecoin rally to $0.01 during early trading on Jan. 25.

The HONK token launched on Jan. 13, with trading for the token beginning on Jan. 23 at an opening price near $0.00247, per CoinMarketCap data. Since then, HONKā€™s price has steadily rallied upward, nearly flipping the $0.01 price label before correcting on Jan. 25.

Honk chart
HONK price action since launch. Source: CoinMarketCap

Furthermore, the Solana memecoinā€™s market cap surged from a few thousand to nearly $10 million in just a few days. On Jan. 25, HONK price spiked nearly 70% from the dayā€™s low near $0.00612.

Why Solanaā€™s Latest Memecoin Is Rallying

One of the key reasons behind HONKā€™s price rally is market hype, which is a well-known driving force behind most memecoinsā€™ price rallies. Several traders on X shared posts anointing the Solana-based memecoin as their ā€œfavorite token.ā€

Several X accounts are aggressively shilling the HONK token, with some accounts posting hundreds of posts in a day. Such aggressive marketing ensures that the Solana memecoin appears in crypto tradersā€™ social media feeds multiple times daily.

HONK price dependent on shilling
The Solana memecoin has a very strong shilling campaign on X.

Most accounts promoting the Solana meme token describe it as the ā€œShiba Inuā€ of the Solana memecoin ecosystem. Other posts include the more generic ā€˜HONK will explode,ā€™ or ā€˜will reach $1,ā€™ or something similar predicting a future brighter than the sun for the Solana memecoin.

Interestingly, an X account, which claimed to be the Solana-based memecoinā€™s official X account, was suspended for flouting the social media platformā€™s rules. As such, it seems scammers are targeting traders looking to jump onto the memecoin bandwagon.

Another reason for the memecoinā€™s recent rally could be increased investor interest in the Solana ecosystem. Solana has launched several meme coins, for instance, MYRO, hoping to attract more trading activity and transactions in the new year.

What is HONK?

HONK is a Solana blockchain memecoin inspired by goose memes from the ā€˜Untitled Gooseā€˜ video game. The developers launched the token as a competitor to another Solana-based memecoin, BONK, with several social media posts calling the memecoin the ā€œBONK killer.ā€

A likely play on Solanaā€™s yesteryearā€™s sobriquet of being the ā€œEthereum killer,ā€ it seems.

The Honk team highlighted that memecoins had seen two major trends of animal-themed tokens, beginning with the dog fest that includes Shiba Inu and Dogecoin, and the second phase, the frog tokens such as PEPE.

The team expects HONK to bring on the third phase of memecoins, the era of geese-themed tokens.

The post What is HONK and Why has it Rallied 288% in 2 Days? appeared first on CoinChapter.

9M agoā€¢
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