What is Bonk (BONK)?

What is Bonk? Uncover the meteoric rise of a meme coin on Solana that skyrocketed by over 10,000% in December 2023. Examine the job&#8217s background and prospective clients, and decide whether it will return to its previous glory.

What is Bonk?

Right before we understand about Bonk, permit&#8217s very first look at how it started and when it turned effectively-acknowledged.

Bonk, a meme coin on the Solana blockchain that includes the legendary graphic of a Shiba Inu, emerged in December 2022. Irrespective of its acceptance, the identities of its creators remain shrouded in secret. That is not unheard of for meme cash. These kinds of currencies are about &#8220communities&#8221 rather than an &#8220personal chief&#8221.

Bonk's website. Source: Bonk

Bonk&#8217s internet site. Supply: Bonk

A single of Bonk&#8217s vital options is its potential to aid rapid transactions inside of the Solana network, primarily serving as an internal currency for the blockchain.

Nevertheless, it wasn&#8217t until finally a 12 months following its release that this meme coin acquired common recognition. In December, Solana made headlines by unveiling the Saga 2 smartphone, accompanied by an airdrop of BONK tokens for each individual initial-technology Saga owner and the Solana builders.

Subsequent this announcement, the worth of BONK surged, coinciding with Solana&#8217s announcement of offered-out smartphones.

How Does Bonk Get the job done?

It&#8217s noteworthy that Bonk operates on the Solana token conventional. What sets this meme coin aside is its limited &#8211 and mounted &#8211 source, a rarity among the belongings of its form. The highest number of BONK coins is capped at 93.5 trillion. That is nevertheless an massive provide that will limit the utmost price for each coin.

For the duration of the venture&#8217s initial start, 50% of all BONK coins were distributed by means of the initially airdrop. The greater part of these tokens were being allotted to holders of NFT collections on Solana, with 20% of the whole distribution getting shared among them.

Bonk And NFT 

Bonk is related to a different meme coin, Shiba Inu. Bonk capabilities NFT collections minted specifically for this crypto asset like its predecessor.

Moreover, the sizeable allocation of BONK tokens to NFT collection holders on Solana throughout the airdrop implies a strategic target on this market phase.

Solana&#8217s NFT Magic Eden market also received aid from the meme coin. In December 2023, the platform hinted at the likelihood of introducing new tokens, such as BONK.

It&#8217s truly worth noting that Magic Eden ranks as the third most traded token amongst NFT marketplaces, as for every Dune&#8217s facts from March 2024.

Bonk's NFT. Source: Magic Eden

Bonk&#8217s NFT. Supply: Magic Eden

Sweet Machine, a platform renowned for its technological innovation facilitating NFT minting, has also integrated BONK into its offerings.

Who is Bonk Suited For?

Bonk retains the distinction of staying the initially meme coin on the Solana blockchain. Its emergence coincided with the fallout of FTX and Alameda, leading to a tarnished blockchain popularity. A single prevailing principle behind the creation of Bonk is to support restore the name of Solana.

It&#8217s honest to say that Bonk succeeded in its mission, as evidenced by Solana&#8217s emerging as the progress leader in Q4 2023.

As with numerous meme cash, BONK&#8217s meteoric rise can be attributed to the buzz bordering it. Analysis of the cryptocurrency&#8217s trading volume reveals a drop in these figures adhering to December 2023.

On Dec. 15, 2023, Bonk achieved its peak sector capitalization for the calendar year, hitting $1.5 billion. Nonetheless, the indicator began to drop sharply right after that.

By Jan. 8, 2024, the market place capitalization plummeted to $618 million. Regardless of this, a important surge resulted in a new history on Mar. 5, with market capitalization reaching $2.5 billion. Nonetheless, by the close of March, it dropped to $1.8 billion.

Bonk's market capitalization over six months. Source: CoinGecko

Bonk&#8217s current market capitalization over six months. Source: CoinGecko

In addition, an additional meme coin identified as Dogwifhat (WIF) emerged from Solana and surpassed Bonk in market capitalization, securing a situation in the major 5 among the other meme cash.

Nevertheless, it&#8217s important to notice that meme cash commonly experience immediate fluctuations in worth, creating them unpredictable. In this volatility, it&#8217s vital not to succumb to the concern of missing out (FOMO) and as a substitute conduct a comprehensive assessment of the cryptocurrency&#8217s metrics.

Exactly where to get Bonk?

Binance stands out as the main exchange for investing Bonk, capturing 30% of the complete volume, as described by CoinGecko.

Following Binance, Coinbase requires 2nd place with 19.14%, trailed by Gate.io exchange in 3rd position with 10.67%.

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