NEW DELHI (CoinChapter.com) — 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, HONK’s price has steadily rallied upward, nearly flipping the $0.01 price label before correcting on Jan. 25.
Furthermore, the Solana memecoin’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 day’s low near $0.00612.
Why Solana’s Latest Memecoin Is Rallying
One of the key reasons behind HONK’s price rally is market hype, which is a well-known driving force behind most memecoins’ price rallies. Several traders on X shared posts anointing the Solana-based memecoin as their “favorite token.”
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 traders’ social media feeds multiple times daily.
Most accounts promoting the Solana meme token describe it as the “Shiba Inu” of the Solana memecoin ecosystem. Other posts include the more generic ‘HONK will explode,’ or ‘will reach $1,’ 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 memecoin’s official X account, was suspended for flouting the social media platform’s rules. As such, it seems scammers are targeting traders looking to jump onto the memecoin bandwagon.
Another reason for the memecoin’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 ‘Untitled Goose‘ 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 “BONK killer.”
A likely play on Solana’s yesteryear’s sobriquet of being the “Ethereum killer,” 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.
