As of January 2023, BONK can be traded on platforms like Huobi, MEXC, Bybit, Bitget. It’s also available on Gate.io, Poloniex, Orca, LBank, BKEX, CoinEx, BitMart, Bitrue, DigiFinex, XT.COM, BingX. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
What are memecoins and tokens?
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- In line with the team’s strategy, 50% of the total supply was airdropped to Solana users (artists, creators, and active community members).
- BONK’s integration into Solana’s DeFi and gaming dapps is a savvy market play, helping set a higher bar for new digital currencies, memecoin or not.
- In 2023, BONK rose over 25,000% to become one of the largest meme coins by market capitalisation.
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This deflationary strategy is designed to incrementally increase the value of the remaining tokens and make BONK more attractive to traders. Like PEPE and DOGE, BONK is a meme coin inspired by internet memes, jokes, and satire. Meme coins are not designed with a specific use case in mind, but rather as a way to express humor, creativity, and social commentary through cryptocurrency. In 2024, most major meme coins have ridden the wave of Bitcoin’s momentum, but their gains have been significantly greater – for reasons explained here. For example, while Bitcoin is up 62% between the first of January and June 9th price of $69,404 BONK is around 110% over the same period. However, the market for memecoins is highly speculative and volatile, with prices often driven by “clout” rather than an underlying technology or utility.
How Is the Bonk Network Secured?
The BONKDAO decentralized autonomous organization has been assigned 15.8% of the total supply of BONK, in a bid to empower the community to choose where the BONK ecosystem goes next. The DAO has voted on proposals including the creation of a voting tutorial video, funding a marketing campaign, and burning treasury tokens. Billed as the “social layer and community meme coin” of Solana, BONK is a Solana-based cryptocurrency with an ecosystem encompassing DEXs, dapps, NFTs, and—of course—a dog mascot. The main goal of the team is to bring back liquidity to Solana-based decentralized exchanges (DEXs). You can use more than 20 fiat currencies like EUR, USD, and GBP to buy BONK and other popular meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE). In fact, more than 250 cryptocurrencies are available in the App, including Bitcoin, Ethereum, Solana, and Ripple.
What’s Driving The BONK Coin price?
The Bonk coin project is one of the newest additions to the long list of dog-themed meme coins. However, unlike many other meme coins, this project boasts various utilities and partnerships across the Solana ecosystem. Because of the project’s partnerships, users can get multiple benefits on different platforms with the coins. In conclusion, the project has been riding an upwards price trend since launching, but the test of time is really going to show whether the latest Solana meme coin has true development potential. One of the most popular methods for launching cryptocurrencies on the market is through an initial coin offering (ICO). An ICO attracts venture capitalists and other investors looking to maximize their gains when the project launches on the market.
There is not much information available about BONK’s development or the people behind its creation. On top of this, any contributor who is given BONK tokens to fund their project is given a three year long vesting schedule. This means, in theory, that integrations are less likely to rug the funding as they are incentivized to stick around for at least three years. Born out of the wreckage left behind by the collapse of FTX in November 2022, BONK is a meme coin aimed at bringing together the Solana community.
Coin Prices
Its deflationary burning mechanism promotes scarcity, which may continue to make it attractive as a buy-and-hold. When the token was launched on Solana in 2023, no one expected it to reach a market capitalization gamecredits mining calculator of $100 million, let alone $2 billion. However, for BONK to reach $1, it would need to grow its market capitalization by billions of dollars or see a massive chunk of its supply burned.
This news was met with excitement from Bonk enthusiasts, as it was seen as a major step toward mainstream adoption of the meme coin. Overall, these three projects play a crucial role in the Bonk ecosystem. Bonk Swap provides the central trading hub, Bonk BOT makes it easier to access and use BONK, and Bonk Rewards incentivizes users to support the ecosystem’s growth. These risks are substantial, and traders in cryptocurrency must be prepared to lose their entire investment.
Of course, this goal is very ambitious for a meme coin, but the project has already managed to secure numerous partnerships with Solana-based platforms. The Bonk coin aims to become a go-to meme coin on the Solana network through these partnerships. Much like other cryptocurrencies such as Cardano or Solana itself, Bonk is a digital asset that can be bought, sold, and traded on various online platforms. However, Bonk sets itself apart through its unique tokenomics, which is inherently tied to its burning mechanism.
They call Bonk coin a “crypto of the people,” referring to the Solana community. During the last quarter of 2022, the Solana ecosystem underwent a turbulent period tied to the FTX collapse. Essentially, users and developers started abandoning Solana because of its ties to FTX as an early Solana investor. People got worried that Solana might come crashing or turn out to be a scam because of the involvement of FTX’s Sam Bankman Fried in the project’s early days. Finally, the fear and distrust led to a mass exodus of developers, individual users, and even NFT projects from Solana. Similarly to SHIB, the community that embraced BONK quickly brought utility to its memecoin.
BONK is currently the runt of the dog meme coin litter, having just touched a $2B market cap. BONK bills itself as “The Dog Coin of the People” and was initially launched to Solana holders as a free airdrop on Christmas 2022. Since then, BONK has been added to the world’s largest exchanges, Coinbase and Binance, and minted many BONK millionaires off a free airdrop.
Additionally, various Solana DeFi platforms accept BONK, such as Orca, Raydium, and Solape. Besides the leading dog-themed meme coins, there are numerous unsuccessful attempts at Shiba Inu-themed cryptocurrencies. Some of these coins are poorly designed projects, while a portion of them are crypto scam coins. Because of this, it’s highly advisable to be careful when investing in new meme coin projects. Many speculators see future growth for BONK driven by its unique blend of social media popularity and utility, ongoing development, and the potential of market factors like April 2024’s Bitcoin halving.
Since its launch on December 25, 2022, it has outperformed the most popular cryptocurrencies. Basically, the coin has been on a constant upwards path in terms of price action. While most of the crypto market is in the red or witnessing minor gains, Bonk is exponentially growing. Also, https://cryptolisting.org/ the project has a market capitalization of over 200 million USD, along with more than 85,000 unique wallet addresses. The upwards price trend likely won’t last forever, and it’s impossible to predict what will happen with the coin, just as it is with other cryptocurrencies.
In 2014, the Dogecoin mining process was integrated with Litecoin’s mining process, allowing miners to mine both Litecoin and Dogecoin without extra work. This soon spread across Twitter and Reddit with other dogs getting bonked too. This meme later evolved into the ‘go to horny jail’ reaction meme, sent to users that were—as the cool kids say—being horny on main. According to its official website, BONK has 129 integrations, but lists seven key projects in its ecosystem.
As of May 2024, Bonk is the sixth largest meme coin, and is the 63rd largest cryptocurrency of any type by market capitalization, according to data from CoinGecko. While some dismiss meme coins as superficial hype machines, we at CMC celebrate the way they drive awareness, adoption, and access for retail investors. And BONK has shown tremendous success in rallying a dedicated community behind its lighthearted ambition to be the #1 community coin in Web3.
The Moving Average Convergence Divergence (MACD) momentum indicator shows negative momentum in the SHIB price trend as the signal line is crossing above the MACD line, as seen in the SHIB/USDT daily chart. As of this writing, estimates indicate that around 65 trillion BONK tokens are currently in circulation. The easiest way to trade BONK is through your Phantom browser extension or mobile app. Bonk’s integration into the Solana ecosystem is fairly robust, and support of the project (especially after minting a few millionaires) has grown. BONK is fairly well integrated into the SOL DeFi ecosystem, enabling holders to use their BONK in a wide variety of decentralized finance schemes. Simply have your Bonk character skin equipped and you will be able to pick up these spinning Bonk orbs in deathmatch.
BONK was airdropped randomly to Solana NFT collectors, developers, and artists, other airdrop details remain unknown. Currently, the project has a small digital footprint on the Internet, except for an active twitter account. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
There are dozens of articles being pumped with links to scam versions of BONK, do not click these and FOMO into getting malware or all of your coins stolen. AI is making it very cheap to produce legit-sounding content with fake links rapidly. The most likely case is that you had some Solana-based NFTs, and you should check your Phantom wallet or whatever Solana wallet you use for the airdrop. The BONK airdrop was distributed to NFT collectors, devs, and early Openbook traders (a Solana DEX). Both BONK and SHIB were created with exceptionally high supply leading to a very low cost per individual coin, which social sentiment tends to favor. DOGE launched at the end of 2013; its code was copied from a new-defunct coin called Luckycoin, which was a fork of Litecoin (LTC), which was itself a fork of Bitcoin (BTC).
As such, the success of Dogecoin set a precedent for other memecoins to emerge. Dogecoin, launched in December 2013, was initially created as a joke by software engineers Billy Markus and Jackson Palmer. Memecoins and tokens are a relatively new phenomenon, and are closely tied to the emergence of cryptocurrencies and the culture surrounding internet memes.
