Bonk (SOL: $BONK) claims to be the dog coin for the people. Today, we had the opportunity to talk directly with the project, and find out what is the latest and greatest from Solana’s version of Dogecoin.
The $BONK token was launched via a free airdrop for the Solana Community of Christmas 2022. Since then, its adoption has increased astronomically. There are now 472,135 holders of BONK, according to SolScan.
Why BONK?
According to its founders, BONK was created to rid the Solana community of the toxic “Alameda” tokenomics. This was in reference to the November 11, 2022, collapse of Alameda Research and FTX, founded by Sam Bankman-Fried, more popularly known as SBF.
$BONK is a culture token for a new kind of cryptocurrency – one that embraces the humor and irreverence of web3 culture, while also striving to be a powerful, versatile, and user-friendly financial tool. At its core, $BONK is a fixed supply culture token with transparent vesting and wide, fair distribution, and is a multifunctional asset on nine L1/L2 blockchains, enabling chain agnostic engagement. $BONK champions new and existing crypto integrations, frequently partnering with DeFi, gaming, and NFT teams on multiple chains. Currently there are over 130 DeFi & gaming products regularly using $BONK, and trading on over 50 exchanges worldwide.
Bonk Labs
Bonk Founders
Most of the founders are open about their relationship with Bonk and have burnt their $BONK tokens. This is contrary to most other memecoin project founders that choose to keep their identities anonymous. The project’s transparency has eased any fears that Bonk might turn into a rug pull.
Bonk is a true community project, in which the majority of the tokens were airdropped free to Solana token holders and the developers of other Solana projects.
BONK Distribution
As a Christmas gift, the bulk of $BONK tokens were distributed to the Solana community via an airdrop on December 25, 2022. The project’s goal was to reward the Solana community after a difficult 2022.
On that day, 50% of the tokens were sent to community members, 20% to early contributors, 15% to the Bonk DAO, 5% to a team fund, 5% to marketing, and the final 5% to liquidity.
*5% of the tokens that went to the team fund were burnt.
**20% of the tokens that went to early contributors will remain vested until December 25, 2025.
Key Projects and Initiatives
According to the project’s website, the Bonk team remains quite active. There are currently 6 key projects and 24 integrations in the works, with the most popular being the BonkBot and the BonkSwap DEX.
Bonk recently launched the Silicon Valley Bonk (SVB) game. SVB offers a transparent, on-chain gaming experience, built and only possible on Solana. The objective is simple: be the last to buy a key, unlock the vault, and win the grand prize.
Bonk is actively involved in the DeFi space, where holders can grow their $BONK tokens. The Staking Mechanism in closed beta on the mainnet, and it should go LIVE before the end of the month.
$BONK Tokenomics
A few days after its launch, Bonk experienced a massive price rally. The $BONK token shot up almost +2,000% on January 5, 2023, however this breakout was not sustainable, even with the team burning its stash of 5 trillion $BONK tokens. Unfortunately, this didn’t stop the inevitable downtrend that has been going on for 8-month now.
Bonk’s circulating supply holds steady at 54.1 trillion, with a max supply of 93.9 trillion tokens. At it’s current price of $0.0000002508, $BONK is trading at a -94.82% discount from the all-time high price of $0.00000492.
The project’s market cap is valued at $13.6 million right now, with a 24-hour trading volume of $2.05 million. Most of that trading volume has been on centralized exchanges, like Huobi, Hotcoin Global, P2B, and CoinW. On decentralized exchanges, very light trading is taking place on Orca and Raydium against several different trading pairs.
[Click The $BONK Chart Above To View On CoinMarketCap]
Social Media
Bonk has 111K followers on Twitter, 2,941 members on Discord, and 1,268 Members on Telegram.
Bonk’s Future looks Bright
While BONK’s price has remained depressed for most of 2023, the token appears to be forming a double bottom, which historically is a bottoming signal. With a strong community following and massive utility in the works, $BONK could re-establish itself as one of the most valuable meme token projects in late 2023.
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