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 thus a meme cryptocurrency created by the Solana community, 50% of the total stock of BONK was distributed to the community via 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.
Where to buy BONK?
BONK can currently be purchased on the Dutch exchange Litebit. Currently, it is only possible to buy BONK 1-for-1 and it is not possible to go short or trade with leverage on this platform. It is not clear if these options will be available in the future. BONK is also listed on Bybit spot trading platform.
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It is worth noting that this information might be outdated and the platforms and ways to earn BONK can be changed without your knowledge.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.
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.
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”.
Don’t invest money you can’t afford to lose: Buying BONK is a high-risk investment; don’t invest money you can’t afford to lose.