Crypto has been on a tear since October 2023. With Bitcoin prices rallying, other altcoins have also benefited. Among them, Solana (SOL) has gone up more than 10X, rising from as low as $10 to above $110. As SOL prices boomed, the Solana ecosystem blossomed as enterprising developers launched meme coins. Though launched in Q4 2022, when critics deemed Solana dead, the Bonk coin meme led the altcoin surge in 2023, outperforming even the world’s most capitalized meme coin, Dogecoin (DOGE).
Amid this upswing, traders and investors have been exploring Ethereum, looking for potential projects that could replicate BONK and SOL in 2024. Among the few, interest is on NuggetRush (NUGX), a project whose presale is ongoing, raising over $1.5 million from the crypto community.
What Is BONK, And Why Is It Rallying?
Like Shiba Inu (SHIB) and Dogecoin, BONK is a meme coin. However, one big difference is that the token was distributed to affected Solana and Solana ecosystem token holders when prices plunged in late 2022 following the collapse of FTX.
BONK was meant for relief holders, but due to its large community and SOL revival in 2023, the meme coin bounced strongly to be one of the top-performing assets in 2023.
To illustrate, BONK soared by over 270X in 2023, lifting the token from obscurity to commanding a market cap of over $700 million as of early January 2024.
However, because of the team’s mission of eventually integrating BONK across multiple chains, incorporating it in decentralized finance (DeFi) and gaming, the meme coin could find utility, rising as Solana recovers after the dump in 2022.
Due to its rising popularity, BONK is available for trading on some of the world’s mainstream exchanges, including Binance and Coinbase.
Even so, after the rally in 2023, the upside momentum is fading as prices retrace. When writing, BONK is down 60% from early December 2023 peaks.
Accordingly, some investors are considering alternatives, with NuggetRush emerging as an option.
NuggetRush: The Next Big Thing in Ethereum?
NuggetRush is deploying on Ethereum–a Solana competitor–and aims to add utility to meme coins, including BONK.
The platform plans to launch a play-to-earn (P2E) where the goal is for players to have fun and, at the same time, benefit NUGX holders.
NUGX complies with the ERC-20 standard on Ethereum. Besides serving as a utility, meaning it will be used as an ecosystem currency, holders can also participate in governance. This is part of the project’s plan to ensure the project is decentralized.
Already, the team has declared plans to eventually renounce its audited smart contracts to the community. Afterward, NUGX holders will directly determine how the project is developed. SolidProof has audited all NuggetRush code as a preventive measure against hacks.
NuggetRush will reward players with in-game NFTs, tradable on the platform’s marketplace. NUGX is a medium of exchange. As such, NFT holders can swap them for NUGX or other NFTs. At the same time, NFTs can be staked for up to 20% APY, payable in NUGX.
With its strong community, unique tokenomics, and potential for utility, NuggetRush has the potential to be the next big thing in the Ethereum ecosystem. Some even argue it can track and possibly outperform BONK in the months ahead, especially if 2024 is bullish.
In the NuggetRush presale in progress, NUGX is available for 0.015 USDT in stage 4. Over $1.5 million has been raised.
Eventually, NUGX will launch at $0.02 once the presale ends.
As the crypto market warms up, new opportunities are emerging. The community is exploring these opportunities, and some analysts suggest that NUGX may follow in BONK’s footsteps, bringing the meme coin scene on Ethereum back into the limelight.
This post was authored by an external contributor and does not represent Benzinga’s opinions and has not been edited for content. This contains sponsored content and is for informational purposes only and not intended to be investing advice. Cryptocurrency is a volatile market; do your independent research and only invest what you can afford to lose. New token launches and small market capitalization coins are inherently more risky than large cap cryptocurrencies. These tokens are subject to larger liquidity and market risks.