The Bonk project airdropped more than 50% of its total supply to users and at the same time grew by more than 200 times in 2023. So what makes the Bonk project special? Let’s find out about this Solana-based memecoin project with CoinNerd!
What Is Bonk?
Bonk is the first “dog-cat” memecoin project on the Solana blockchain, specializing in community support and focusing on attracting users back to the platform. Bonk was born in late 2022, in the context of the Solana ecosystem being heavily affected by the collapse of FTX – Alameda Research and losing trust from investors. Bonk developers have identified the challenges Solana is facing. The crisis from FTX caused SOL prices to plummet in 2022.
In order to attract users, the BONK project team organized an airdrop for the community, setting simple conditions such as early trading and owning NFTs on Solana. As a result, Solana witnessed a positive boom in the first week of 2023. Solana liquidity pools attracted over $20 million in trading volume from BONK-related token pairs, generating thousands of dollars in trading fees.
The History Of The BONK Token’s Inception
Bonk mainnet went live in December 2022, supported by Dexlab, focusing on diverse features like DEX, token issuance, and a launchpad. Initial financial backing came from Helio. Moreover, the Famous Fox Federation, a renowned NFT community within the Solana ecosystem, played a significant role in the airdrop. However, Bonk’s founders remain anonymous to this day.
The launch of Bonk immediately drew community attention by airdropping half of the token’s supply. Though the project’s development process wasn’t extensively publicized, the BONK token airdrop event arrived at a crucial moment for Solana.
The Impact Of The Bonk Project
Bonk is a dog-themed memecoin on the Solana blockchain, comparable to other dog-themed memecoins such as DOGE and SHIB. Created to support Solana and promote its continued growth, Bonk’s primary utility lies in the widespread use of its BONK token.
Through airdropping tokens to many wallets, Bonk has successfully and widely distributed its tokens. Moreover, this has increased interest in Solana after a particularly difficult year for the platform. By being widely distributed rather than being held in the hands of a small group of investors, the BONK token helps the Solana community realize the potential of the ecosystem.
Basic Information About The BONK Token
| Token Nam | Bonk |
| Token | BONK |
| Blockchain | Solana |
| Token standard | SPL |
| Contract | DezXAZ8z7PnrnRJjz3wXBoRgixCa6xjnB7YaB1pPB263 |
| Maximum total supply | 100.000.000.000.000 BONK |
| Current total supply | 93.689.234.980.611 BONK |
| Circulating supply | 60.837.624.528.359 |
Allocation Of BONK Tokens
- Airdrop: 50% – This portion has been distributed to early supporters and community members.
- Early contributors: 20% – Reserved for individuals who contributed to the project’s development and launch.
- BONK DAO: 15% – This portion is allocated to the community-operated DAO overseeing the Bonk ecosystem.
- Development team: 5% (burned) – Initially allocated for the development team and unexpectedly burned in January 2023, showcasing the team’s commitment to community trust and transparency.
- Marketing: 5% – Used for project promotion.
- Initial liquidity: 5% – Utilized to provide liquidity on decentralized exchanges (DEX).
Where Can Investors Trade BONK Tokens?
Current investors can trade BONK tokens on exchanges such as:
- CEX: Binance, Bybit, Bitget, and MEXC.
- DEX: Orca, Uniswap, Raydium, and Jupiter.
BONK Token News & Growth
On January 4, 2023, Solana’s Bonk memecoin conducted a 50% airdrop, stabilizing SOL prices post-FTX crash. Subsequently, the Bonk team burned 5 trillion BONK tokens (5% of total supply), spiking prices over 100% after a 30% drop in 24 hours. The exchange, coupled with NFT minting, recorded over 3 million transactions and 86,000 wallets.
On December 14, 2023, memecoin BONK hit its peak at $0.00001489, surging 45% post-Coinbase listing—the third memecoin supported by Coinbase after DOGE and SHIB. Following this, on December 15, Binance, the largest exchange, listed BONK under the Seed Tag, driving further growth prospects for token BONK in the near future.
Summary
Through the overview article about the Bonk project, CoinNerd hopes that readers will have a basic understanding of the project to make their own investment decisions. Wish you success in your investment!
Note: The information in the article is not investment advice. CoinNerd is not responsible for any investment decisions you make.
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* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.
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