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Last week, Solana (SOL<\/a>) fell to its lowest level since February 2021. But its price has risen over 12% in the past 24 hours on Tuesday after almost nine days of consecutive losses that brought its price to around $8 on Friday.<\/p>\n Amid Solana\u2019s movement, the two largest cryptocurrencies by market cap, bitcoin and ether<\/a>, both shifted less than 1% in the past 24 hours, showing some stability.<\/p>\n Solana has been volatile for a number of reasons in recent weeks, including one of its most prominent backers being the now-disgraced former FTX CEO Sam Bankman-Fried<\/a> and top NFT projects planning to leave<\/a> its blockchain.<\/p>\n But some are crediting the recent spike to interest from Solana community members in Bonk (BONK<\/a>), a new meme token that airdropped about 50% of its 56 trillion token supply to users last week. Airdropping is when a cryptocurrency sends a free supply of its token to a number of crypto wallets in a way to gain users or reward loyal community members. In this case, Bonk was airdropped to<\/p>\n \u201cWe\u2019re here to reward everyone that made #Solana what it is today,\u201d the Solana-focused dog coin tweeted<\/a> about a month ago before gaining traction.<\/p>\n About 20% of Bonk\u2019s total airdrop supply went to Solana NFT collections<\/a>, which consisted of almost 300,000 individual NFTs. The shiba inu dog-themed cryptocurrency has risen about 96% in the past 24-hours, according to CoinGecko data<\/a>.<\/p>\n Even some major Solana projects have considered (or did) adopt the newly launched token from large decentralized exchanges like Orca<\/a> to NFT markets like Magic Eden<\/a>.<\/p>\n While Bonk gains steam, it\u2019s highly likely that it will have a similar fate to other meme or dog-focused crypto tokens that often see a pump, followed by a steep dump and little to no recovery. In the meantime, however, it has helped the Solana ecosystem gain momentum in a time when many crypto players saw it as a goner.<\/p>\n As there has been some slight recovery for Solana, its future remains uncertain even amid its dog coin-related hype. As of today, Solana has dropped from being the fifth-largest token in early November to 15th-largest and is the number one trending<\/a> cryptocurrency on CoinMarketCap.<\/p>\n<\/p><\/div>\n