BONK is the newborn child on the block, and it generates significant traffic on Solana. But what is its purpose?
Memecoins have been a part of the crypto culture for nearly as long as the community has been, but in 2020 and 2021 they reached unprecedented heights.
It reached a point where two memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB), were frequent top-10 club members (the 10 largest cryptocurrencies by means of total market capitalization).
The bear market of 2022 has badly affected the majority of memecoins, while DOGE and SHIB continue to be the top-performing coins.
Nevertheless, there’s a new kid on the neighborhood – one constructed on Solana – and it’s racking up the miles. The cryptocurrency in question is Bonk Inu (BONK), so let’s examine what it does in greater detail.
What exactly is the Bonk Inu(BONK)?
According to its official one-pager, BONK is the first “for the people, by the people” Dog-themed memecoin on Solana.
The document states:
“The BONK contributors were tired of toxic “Alameda” tokenomics and wanted to make a fun memecoin where everyone gets a fair shot.”
50% of the entire supply of the coin was airdropped to the Solana community, while the team’s primary goal is to restore liquidity to Solana-based decentralized exchanges.
In reality, this is the entirety of the document, including with the token distribution.
Explanation of the Distribution of BONK Tokens
As stated previously, fifty percent of the material was airdropped to the Solana village and was distributed as follows:
- 20% of it went to Solana NFT collections (297K individual NFTs)
- 15% to early OpenBook traders
- 10% to Solana collectors and artists
- 5% to Solana developers
The total supply is set to 100 trillion BONK tokens. The provided pie chart looks like this:
Massive BONK Burning Propelling the Price
Over the past several days, the BONK development team has burned a significant quantity of tokens and added features that allow users to burn tokens themselves.
For example, on December 4th, the team revealed that the budget intended for the DeGods NFT project had been expended. It permanently removed 500 billion BONK tokens from the market.
This caused the price to skyrocket, increasing by more than 100 percent at one point that day. Overall, the cryptocurrency has surged by more than 3000% in the past week since its inception.
At the time of writing, liquidity providers on well-known decentralized exchanges like as Orca are yielding APIs in excess of 1000%.
Additionally, the BONK/SOL trading pair experienced a 24-hour volume of approximately $20 million.
As a result, it is probable that the yields will be short-lived if the demand and hype for BONK diminishes in the coming weeks and traders take profits.
Despite being designed as a meme coin, the Solana ecosystem is adopting Bonk tokens steadily. Multiple Solana projects have already integrated Bonk coins for use as payments for listed NFTs, and some have implemented “burn” procedures for NFT-based events. According to Twitter, almost 1 billion BONK was burned in the previous twenty-four hours.
In the meantime, the popularity of bonk has undoubtedly increased demand for SOL tokens. In the past twenty-four hours, the native token of the Solana network has increased by 16%, erasing last week’s severe decrease.
Contact
Website: https://www.bonkcoin.com/
Whitepaper: https://www.bonkcoin.com/bonkpaper
Twitter: @BonkInu
Telegram: https://t.me/BonkInu
Summing up
Through the above article, CryptoChill has helped you know about the Ponk Inu and the highlights of the project.
Disclaimer: This post is not investment advice. You will be 100% responsible for your investment decisions.
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