What is HONK and Why has it Rallied 288% in 2 Days?
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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, HONKās price has steadily rallied upward, nearly flipping the $0.01 price label before correcting on Jan. 25.
Furthermore, the Solana memecoinās 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 dayās low near $0.00612.
Why Solanaās Latest Memecoin Is Rallying
One of the key reasons behind HONKās 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 āfavorite 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.
Most accounts promoting the Solana meme token describe it as the āShiba Inuā of the Solana memecoin ecosystem. Other posts include the more generic āHONK will explode,ā or āwill 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 memecoinās official X account, was suspended for flouting the social media platformās rules. As such, it seems scammers are targeting traders looking to jump onto the memecoin bandwagon.
Another reason for the memecoinās 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 āUntitled 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 āBONK killer.ā
A likely play on Solanaās yesteryearās sobriquet of being the āEthereum 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.
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