Meme coins have long been a phenomenon among crypto investors and supporters, who see their microscopic prices as an opportunity to make big returns quickly despite the lack of traditional fundamentals.
We assume that there are very few people who don’t know about cryptocurrencies with a dog in their logo. These memecoins attracted so much attention that Dogecoin and Shiba Inu created a windfall that led to the emergence of many themed cryptocurrencies. One of them is the Bonk coin.
What is Bonk?
Bonk coin is a meme token. It is one of the dog-themed tokens. In this context, it is even referred to as the first dog-themed token in the Solana ecosystem. It can be considered unique in this respect.
Most of the meme coins we’re familiar with were based on earlier blockchain technologies. Dogecoin, for example, was largely based on Bitcoin, while assets like Shiba Inu and Pepe were backed by Ethereum. Bonk’s choice of the Solana network has resulted in lower gas costs and faster operation.
Bonk helps BONK holders grow their assets on DeFi. It has also been adopted as in-game currency in blockchain games. It is accepted as a payment option for NFTs on various platforms. Bonk holders can also conduct staking transactions on the platform. BonkSwap on the platform even offers users the possibility to trade.
According to the Bonk coin project’s own statement, they aim to become the number 1 community coin on Web3. They will achieve this by expanding their list of integrations. On its website, Bonk Art Master publishes drawings by devoted Bonk artists of the iconic Shiba Uni dog breed featured in Bonk’s logo. These drawings are even sold as NFTs.
It is worth noting that at launch, the Bonk meme token distributed 50% of the cryptocurrency’s total supply as an airdrop to those who contributed in some way to the Solana community. This airdrop was done randomly and anonymously, without any prior announcement or marketing. It cannot be ignored that this move of his helped him to make a name for himself.
How Does Bonk Coin Work?
BONK exists and operates as an ERC-20 token on the Solana blockchain, known for its speed, scalability and cost efficiency in supporting decentralized applications.
BONK has a unique tokenomy compared to other meme coins, such as a 1% fee on all transfers and a 9% withdrawal fee for staking BONK users. This strategy encourages the holding and staking of this token.
BONK also resorts to a deflationary mechanism. To date, there has been a significant amount of token burn and a concomitant reduction in circulating supply. Thus, the decrease in the quantity of the token also helped to increase its value.
Who Is Bonk Coin and When Was It Founded?
The owner of Bonk coin is unknown, i.e. anonymous. Bonk was launched on the Solana blockchain in December 2022.
50% of the total Bonk supply of 100 trillion was distributed via airdrop to Solana users who contributed in some way to the development and growth of the Solana network, such as NFT collectors, developers and artists. Its release on December 25, 2022 supports the fact that it was presented as a Christmas gift to the Solana community.
The Bonk DAO is responsible for decisions regarding the future development and management of BONK. Anyone who owns the BONK token can vote and voice their opinion on the decisions to be taken on the BONK meme token.
Why is Bonk Coin Rising?
When we look at the reasons for the rise in Bonk’s price, we see that it is based on several pillars. One of them is the listing of this cryptocurrency on globally recognized cryptocurrency exchanges. In addition, the fact that BONK can be used in leveraged transactions on popular cryptocurrency exchanges can be considered as one of the developments that caused its price to rise.
The announcement of unilateral staking with Bonk coin is also considered one of the reasons for the rise of this asset. This feature allows BONK holders to earn returns on BONK without investing a second asset.
We have underlined that a big airdrop was realized on the Bonk side. At the time of this airdrop, people who bought Solana Saga, Solana’s phone equipped with cryptocurrency features, could request airdrops from Bonk. Moreover, this figure could reach up to 30 million BONKs. This initiative was one of the activities that increased Bonk’s value.
All this can be considered supportive in answering the question “Why is Bonk coin rising?”.
Is Bonk Coin a Future Asset?
It is not possible to make an inference about the future of Bonk coin, but some BONK comments can still be made. At the time of writing, Bonk coinmarketcap data shows that BONK ranks third among meme coins by market capitalization. Considering the initial exit price, bonk has also achieved a serious upward momentum against usdt and other pairs. Those who want to take a look at the current Bonk coin chart chart can benefit from our products page.
At the same time, a certain percentage of transactions made with BONK are permanently removed from circulation. This means that the supply of BONK will decrease over time. Such a strategy is designed to encourage the retention and discourage the sale of BONK.
It should also be noted that Bonk operates within its own ecosystem, which includes components such as BonkSwap, a decentralized exchange platform for trading Bonk tokens and other cryptocurrencies, and BonkVault for secure storage.
With more than 65% of its one billion token supply burned, BONK has shown that it can generate interest and sustain activity in its ecosystem. Giving this project new functions could help raise its value even higher.
Of course, as with any investment, there are risks for those who want to invest in BONK. Investing in meme assets like BONK can be even more unpredictable compared to other cryptocurrencies.
To summarize, Bonk offers an interesting opportunity for investment in the cryptocurrency market, but also carries risks. As with any investment, thorough research and careful consideration will be the guiding light for anyone looking to step into Bonk.
