Bonk (SOL: $BONK), a meme coin, has surged over 700% in the past month. It has also seen a dramatic increase in trading volume. However, as with any crypto investment, it is prone to volatility.
This article will discuss BONK, including its tokenomics, and why it is surging.
What is BONK?
BONK token, also known as Bonk Coin (BONK), is a relatively new meme coin. It’s built on the Solana blockchain and is notable for being the first dog-themed token on the network. Most other well-known dog-themed meme coins, like Dogecoin (DOGE) and Shiba Inu (SHIB), exist on the Ethereum network. Its developers have dubbed it the dog coin for the people.
According to its developers, its goal is to bring liquidity back to Solana decentralized exchanges. This coin will be available across the Solana DeFi ecosystem, giving everyone a chance to be part of the BONK community.
As with many meme coins, BONK Coin saw an initial surge in value, with prices skyrocketing based on social media hype. At one point, its trading volume was higher than that of DOGE and SHIB. According to the BONK website, there are currently 649k holders.
What Is Special about BONK?
BONK aims to reverse the damage done to the Solana ecosystem due to its association with the defunct FTX exchange, Alameda Research, and Sam Bankman-Fried. Half the total supply, fifty trillion BONK tokens, were airdropped to the Solana Community upon launch.
20% of the tokens went to the Solana NFT Collections, 10% went to Solana collectors and artists, and 15% of BONK tokens went to the early Openbook traders. The remaining 5% went to the developers. Soon after its launch, The BONK token trading volume surged to $20 million.
Several projects on the Solana blockchain have incorporated $BONK as a payment method for NFT transactions, and others offer users the chance to acquire BONK tokens by staking their NFTs.
Why $BONK Token Price Surged?
$BONK token’s price was mainly due to its large social media following. It drew interest from the Solana community due to its noble mission to save the Solana ecosystem from collapse.
Additionally, its release coincided with the resurgence of $SOL, which has seen its value rise by over 500% in the past year, trading above $70 at the time of writing. The token also managed to get listed on major crypto exchanges, including Coinbase and Binance, which has helped to make it easily accessible to traders.
Tokenomics
BONK tokens launched with an initial supply of 100 trillion tokens. It is a deflationary token, and the total supply has been reduced to 93.92T BONK thus far. Its circulation supply is 60.84T BONK.
Token Price
$BONK is currently trading at $0.00002501 and is down by 7.54% in 24 hours at the time of writing. It holds a market cap of $1.52B with a 24-hour trading volume of $1.09B. The token has surged by 81.6% in a week but is currently making a bearish trend. It has a total supply of a hundred trillion with a max pool of 93.92 trillion. Its all-time high price of $0.00003419
was on December 15, 2023. It is currently trading at a -35.59% discount on its ATH.
Social Media
BONK has 173.6k Twitter followers, and 7,877 Telegram members.
Should You Buy BONK?
As with any crypto investment, a thorough technical analysis is essential. As has happened with other meme coins, its value could drop drastically. However, due to the massive community around it, BONK could be a lucrative investment.
Click Here for Updates on BONK ($BONK) – It’s 100% FREE to Sign Up for Text Message Notifications!
Disclaimer: This website provides information about cryptocurrency and stock market investments. This website does not provide investment advice and should not be used as a replacement for investment advice from a qualified professional. This website is for educational and informational purposes only. The owner of this website is not a registered investment advisor and does not offer investment advice. You, the reader / viewer, bear responsibility for your own investment decisions and should seek the advice of a qualified securities professional before making any investment.