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DE BONK is a new memecoin that recently appeared on the Solana blockchain and saw a significant increase in price (x100) in the first few days of the new year. Currently, it is unclear what specific features BONK has, but some people compare it to the popular Shiba Inu coin. In this article, we will discuss where to buy BONK and what the hype is all about….
What is BONK?
BONK is a meme cryptocurrency created by the Solana community, with 50% of the total supply distributed to the community via an airdrop.
The creators of BONK, who are anonymous, wanted to create a fun and fair memecoin and move away from the toxic “Alameda” tokenomics that many coins on the Solana blockchain feature. It is still unclear what specific features or characteristics BONK has or exactly how it will be used.
It proudly carries the slogan “for the people, by the people,” as coined by its developers. Bonk is a Solana Program Library (SPL) token, which means it operates on Solana’s blockchain and utilizes the chain’s proof of history consensus mechanisms.
What Is the Story Behind Bonk?
The development team behind Bonk expressed their discontent with the negative Alameda-linked tokenomics in the Solana ecosystem and decided to create a humorous meme coin aimed at providing equal opportunities for success.
The coin’s inception was partly to revitalize the decentralized exchange (DEX) liquidity within the Solana ecosystem, which had taken a hit in the weeks leading up to Bonk’s release. The story behind the meme ‘bonk’ can be found here.
How Has Bonk Gained Such a Significant Amount of Hype?
The white paper outlined several integrations, including an innovative airdrop distribution system designed to benefit Solana users and builders. In a bold move, 50% of Bonk’s total supply was airdropped to diverse stakeholders within the Solana ecosystem, including NFT artists and developers, effectively increasing the network’s liquidity.
Following the airdrop, Orca, a decentralized exchange on Solana, reported a trading volume exceeding $2 million. In January 2023, liquidity providers for the Bonk-USDC pair on Orca saw up to 1,000% APR, restoring momentum to Solana’s liquidity pools.
This resurgence in activity attracted investors back to the network, and with the mission to revive Solana deemed a success, the interest in Bonk surged, leading to a significant appreciation in the token’s value. Within just four days of the same month, the token experienced a 10x price increase.
Where to buy BONK?
How to Earn BONK?
There are several ways to earn BONK tokens. Here is an overview of the ways to earn more BONK:
- Akeo labs: Holders of Akeo NFTs can stake them and earn BONK.
- Aurory: Play the Aurory tactics game and earn BONK for every victory.
- Bonkomatic: Stake SOL tokens and earn BONK.
- Communi3: Bid to earn mints/auctions using BONK.
- Raven (Blocksmith Labs): Earn BONK for retweets with Raven’s gamified marketing.
- Zeta markets: Earn BONK rewards whilst trading perps on a performant DEX.
It is worth noting that this information might be outdated and the platforms and ways to earn BONK can be changed without your knowledge. It is highly advised to check and double-check the current information on the website or official channel of the mentioned platforms before making any action.
BONK Airdrop
The BONK Airdrop was a whopping 50% of the total BONK offerings. It was divided into four categories:
- 20% went to Solana NFT collections
- 15% went to early Openbook dealers
- 10% went to Solana artists and collectors
- 5% went to Solana developers
Only individuals with the specific NFTs would have received a portion of the airdrop without having to take additional action.
Could BONK ever reach $1?
It is unlikely that BONK will ever reach a value of $1, this would mean that BONK’s market capitalization would have to reach extreme heights. Since BONK’s current market capitalization is $64 million, it would have to increase by a factor of 200,000 to reach $1 and become 12.8 trillion. This is simply impossible, which is why it is wise to remain realistic about BONK’s potential value and consider it carefully before deciding to invest in it.
Risk
There are several risks associated with buying BONK. Below are some key risks:
- Volatility: BONK is a volatile cryptocurrency. This means that the price of BONK can fluctuate, sometimes sharply.
- Uncertain future: BONK is a just-listed coin and it is still unknown what its future will look like.
- Hype: There is a risk that early investors will try to capitalize on the hype surrounding BONK and sell their positions for a profit, which could make you their “exit liquidity”.
