What’s Bonk Inu (BONK): The Dogecoin of Solana?

Memecoins have been part of the crypto tradition for nearly so long as the group existed, however 2020 and 2021 noticed them soar to a complete new degree.

It bought to some extent the place two memecoins – Dogecoin (DOGE) and Shiba Inu (SHIB) turned frequent members of the top-10 membership (the ten largest cryptocurrencies by way of complete market capitalization).

The bear market of 2022 has impacted most memecoins severely, however DOGE and SHIB proceed to be main cash.

That mentioned, there’s a brand new child on the block – one constructed on Solana – and goes the miles. The cryptocurrency in query is named Bonk Inu (BONK), so let’s have a more in-depth have a look at what it truly does.

What’s Bonk Inu (BONK)?

In keeping with its official one-pager, BONK is the very first Canine-themed memecoin on Solana that’s “for the individuals, by the individuals.”

The doc states:

The BONK contributors had been bored with poisonous “Alameda” tokenomics and needed to make a enjoyable memecoin the place everybody will get a good shot.

50% of the full provide of the cryptocurrency was airdropped to the Solana group, whereas the principle goal of the group behind it’s to deliver again liquidity to decentralized exchanges constructed on Solana.

Actually, that’s just about all the things the doc outlines, alongside the token distribution.

BONK Token Distribution Defined

As talked about above, 50% of the provision was airdropped to the Solana group, divided because it follows:

• 20% of it went to Solana NFT collections (297K particular person NFTs)
• 15% to early OpenBook merchants
• 10% to Solana collectors and artists
• 5% to Solana builders

The whole provide is ready to 100 trillion BONK tokens. The supplied pie chart appears to be like like this:

Huge BONK Burning Propelling the Worth

All through the previous few days, the group behind BONK has burned a substantial variety of tokens and has launched sure capabilities that enable customers to burn tokens themselves.

For example, on December 4th, the group introduced that the allocation that was speculated to go to the DeGods NFT venture has been burned. The transaction may be discovered right here. It noticed 500 billion BONK tokens wiped off the market perpetually.

This despatched the worth to the sky, because it was up greater than 100% on that day at one level. Total, because it was launched, the cryptocurrency has already elevated by over 3000% previously week.

Another excuse for that is the truth that liquidity suppliers on in style decentralized exchanges corresponding to Orca are yielding APIs upwards of 1000% on the time of this writing.

The BONK/SOL buying and selling pair additionally noticed an enormous 24-hour quantity of round $20 million.

The group, as with many memecoin initiatives, has remained nameless. The web site itself doesn’t comprise different data however the one-pager and the remainder of the hyperlinks to BONK-related assets.