Although meme coins are one of the oldest members of the cryptocurrency world, it is a known fact that they gained their real popularity after 2020. The momentum that started in 2020 has made Dogecoin and Shiba Inu permanent members of the top 10 cryptoassets by market cap. Although the bear market affected these two assets hard, it is possible to say that their popularity continues. As a matter of fact, there is a new player joining the list in the first days of 2023. On the Solana blockchain, Bonk Inu (BONK), became one of the most talked about. So what exactly does this new player do?
What is BONK?
According to its official website, BONK is the first dog-themed meme coin created “for people, by people” on the Solana blockchain.
“BONK contributors are fed up with the toxic “Alameda” tokenomics and want to make a fun meme coin where everyone gets a fair chance.”
Looking at the details of the project, 50% of the total supply was transferred to the community. The main point here is that it has been struggling with problems for a while. wither restoring the volume in its network. The remaining supply will be distributed as follows.
- 20% to Solana NFT collections.
- 15% to early OpenBook investors.
- 10% to Solana collectors and artists.
- 5% to Solana developers.
The total supply is set at 100 trillion BONK tokens.
Over the past few days, the team behind BONK has burned a significant number of tokens and has also introduced certain features that allow users to burn their tokens.
Koinfinans.com As we reported, on December 4, DeGods announced that the allocation that should go to the NFT project has been burned. 500 billion BONK tokens were burned. The increase in the price by more than 100% aroused the appetite of investors and speculators. On the one-week chart, the price increased 3000%.
The BONK/SOL trading pair also recorded a massive 24-hour volume of around $20 million.
As with many meme coin projects, the team chose to remain anonymous. The website consists of a single page and contains no other information other than the rest of the links to BONK-related resources.