Solana&#039;s SOL Token Surges 20% as Dog Coin Bonk Fires Up Community Interest Traders liquidated some $6.7 million worth of shorts amid rally, according to Coinglass. Solana&#039;s SOL has surged about 20% in the past 24 hours even as larger cryptocurrencies like bitcoin (BTC) and ether (ETH) barely moved, as a decision by newly launched shiba inu-themed token Bonk (BONK) to do a large airdrop generated interest in the Solana community. SOL leapt back above $13 on Tuesday following nearly nine straight days of losses that saw them trade at just over $8 on Friday. Selling pressure had resulted from Solana&#039;s close links to Sam Bankman-Fried, the disgraced founder of crypto exchange FTX, who faces charges of fraud and misappropriation of client funds. The recent price surge has liquidated some $6.7 million of short positions, according to Coinglass. This is the largest short liquidation since the collapse of FTX exchange and the subsequent market crash in November. Funding rates for SOL perpetual swaps are deeply negative, per Coinglass data, suggesting traders are bearish and betting for the token&#039;s price to drop, also known as shorting. Full Article: <a rel="noreferrer nofollow noopener" href="https://www.coindesk.com/markets/2023/01/03/solana-price-gains-as-dog-coin-bonk-fires-up-community-interest/" target="_blank">https://www.coindesk.com/markets/2023/01/03/solana-price-gains-as-dog-coin-bonk-fires-up-community-interest/</a>