- Bonk, the first doge-themed memecoin of the Solana chain, has been a sensation in the crypto community.
- Its native token, $BONK, has rallied more than 3,600% in the first week of its launch, reaching its highest price of $0.000004922 on January 5th.
- Bonk has seen major burns since its launch, with the Team burning the 5 trillion $BONK allocated to the team.
- In the last 48 hours, Bonk has been launched on several platforms, including Gate.io, ByBit, Cream Finance, Form Function, and Kamino Finance.
BONK is sold as the first Dog-themed memecoin on Solana that’s “for the people, by the people.” In its official document, the developers explained that contributors were tired of toxic “Alameda” tokenomics.
Their quest to “make a fun memecoin where everyone gets a fair shot” led to the creation of Bonk. Although Bonk was launched on December 25th, the team started dropping hints in its first tweet on December 8th.
Bonk has a list of partners on its website, including established Solana projects such as Famous Fox Federation, Orca, Raydium, and Solend. The project received attention as the team airdropped most of the tokens to developers building on the network.
$BONK, the native token of the project, has attracted a lot of attention since its launch because of the recent burn of the token.
Bonk has been one of the most active platforms over the past few days, owing to the massive burning of $BONK tokens. The Team leads the way in burning tokens and has introduced specific capabilities that allow users to burn tokens themselves.
Since its launch, Bonk has seen support for the token jump. In the last 48 hours, BONK has been launched on several platforms, including Gate.io, ByBit, Cream Finance, Form Function, Kamino Finance, and Zeta Markets.
Bonk’s increasing interest and popularity can be seen in its recent on-chain data. In the last three days, Bonk has recorded more transactions than Ethereum had over the same period.
On January 4th, Valida3rs, a technology company validating blockchains, announced a collaboration with Bonk. As part of the collaboration, anybody developing on $BONK can now get a free Remote Procedure Call (RPC) endpoint.
The Bonk Team has also announced that they are working on the issue where some Openbook $BONK airdrops were sent to unintended open order accounts rather than the traders themselves.
According to the announcement, the Bonk team is collaborating with the Jupiter Exchange team to deploy a solution to remediate this issue to the best of their ability.
Bonk (BONK) has one of the most talked-about cryptos because the massive burning of the token sent its price skyrocketing.
The seven-day price chart for Bonk (BONK). Source: CoinMarketCap
In the first week of its launch, the price of BONK shot by as much as $3,600, much to the delight of investors. On December 30th, 2022, BONK traded at $0.00000009197 but jumped to as high as $0.000004922 on January 5th, 2023.
The 24-hour price chart for Bonk (BONK). Source: CoinMarketCap
Following the massive rally, BONK has seen its price plummet, dropping by 53% over the last 24 hours. BONK now trades at $0.000001561 and has a market cap of $85.79 million.
The one-page Bonk paper explains that for 2023, the team will push for integrations with many Solana projects. The goal for BONK is to be a Solana Program Library (SPL) token to be used across the entire Solana network.
On the Flipside
- The popular altcoin Solana (SOL) has been one of the hardest-hit cryptocurrencies of the FTX disaster, leading to developers leaving the chain.
- Crypto entrepreneur David Gokhshtein has said that Solana’s days are numbered because developers are switching to other options.
Launched amidst one of the biggest events in the crypto space, Bonk quickly gained many influencers and a large followership. Although its community is still growing, it competes actively with other meme coins in social media metrics.
The project’s community-centric paper also helped draw members to the project. Like members of other meme coin communities, Bonkers are highly bullish about the project, often taking to Twitter to share their ideas. @AbirHore wrote:
So many meme coin airdrops but why should we support @CommunityBonk?— Abir | Sui GOAT 🐐 (@AbirHore) January 6, 2023
Many meme coin will come and go but bonk community will stay together even if this meme coin season is over.. get paper hands already mates. Best wishes from my side.💗❤️🐐$BONK pic.twitter.com/kibdoOyglm
Bullish about Bonk, one Twitter user, @0middleman0 wrote:
The activity of the Bonk community on social media saw it voted as the best meme coin on DegodsNFT’s founder Twitter page. He replied, writing:
Why You Should Care
Being the first meme coin on the Solana ecosystem makes Bonk a fan favorite to compete with more established projects. This is strengthened by the project’s focus on the community. As it integrates into the Solana ecosystem’s major projects, BONK could become one of the tokens with the highest utilities in the crypto space.