Meme coin BONK Coin has increased by 1,011 percent in the last 12 months. In recent months, the Solana-based altcoin has traded more heavily than leading meme coins Shiba Inu (SHIB) and Dogecoin (DOGE). Meme coin saw a decrease in transactions compared to mid-January. Meanwhile, BONK’s Relative Strength Index is below 50. Crypto expert David Thomas says this indicates a lack of interest from buyers. So who is superior in the competition?
How can BONK Coin beat SHIB?
However, BONK may benefit from the SHIB decline, with whale activity decreasing significantly. On Sunday, there were only ten transactions of $100,000 or more. Additionally, SHIB inflows and outflows decreased by 97.1% and 95.53% respectively.
Unlike SHIB and DOGE, BONK Coin is a dog-themed meme coin based on Solana rather than Ethereum. cryptokoin.comAs you followed from, BONK Coin entered the market in December 2022. However, it experienced significant declines following the collapse of FTX. However, the asset increased 33 times between November and December last year. According to data from CoinGecko, the price of BONK increased from $0.000000754317 on November 15, 2023 to $0.00002549000 on December 15, 2023. This increase coincided with the rapid expansion of the Solana ecosystem following the collapse of FTX. The total value currently locked on Solana is around $1.47 billion. The price of SOL, the native token on the Solana Blockchain, is around $96.
BONK and SHIB’s DeFi strategies diverge
The BONK Coin developer community is also increasing its DeFi presence with integrations. The developers of the BONKbot trading bot have organized a promotion that gives one BONK token for every SOL deposit. The bot specializes in minimizing slippage and increasing transaction speeds.
In April 2023, external developers launched BonkSwap, a decentralized exchange that rewards liquidity providers and stakers. The same team later released a futures betting game called BonkorBust. There are currently over 60 trillion BONK Coins in circulation. The trajectory of the BONK ecosystem suggests that it may soon attract more activity from its dog-themed cousin, SHIB. On-chain data reveals that SHIB whales purchased coins to accumulate before SHIB evolved into a full-fledged Web3 community.
Whales purchased 5% of the token supply in mid-January, causing a 3% drop overnight. On January 16, 2023, approximately 18 whales purchased SHIB worth $56.5 million. Yesterday, ten big hands bought another 331 billion SHIB. These moves show that whales are worried about the new Web3 direction. Public SHIB developer Shytoshi Kusama said Web3 IDs ending in .shib will launch a Blockchain-based Web3 economy on the Shiba Inu network. In this context, he made the following statement:
We are working with @D3inc to InvadeTheInternet by applying the .shib TLD. This will enable us to leverage infrastructure used by 5.3 billion people worldwide. While the internet gained 198 million new users last year, the entire crypto market has only 425 million users. Let’s revolutionize the way the world views digital identity and InvadeTheInternet with .shib.
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