What is BONK? Know more about the most famous Kevin Solana meme

While it was thought that the era of getting rich by investing in meme coins, such as DOGE and SHIBA, was over, at the height of digital currency winter, a meme coin called BONK on the Solana platform ( SOL) once again brought this dream to life. But what is the secret of Bonk’s success?

Bonk, the first meme coin on Solana’s blockchain, started as a joke, but quickly gained popularity and grew in value by over 20,000% within a year. It all started with the free distribution of Bunk among Solana owners at the end of 2022. The airdrop turned out to be a resounding success, to the point where it is being hailed as Solana’s savior. Can Bonk find a place similar to Dogecoin or Shiba? In this article, we will learn more about this meme coin and its potential.

What is bunk?

Bunksuch as Dogecoin and Pepe (PEPE), another Meme Coins It is the world of digital currency. These tokens are created purely for fun and inspired by internet jokes and memes and have no serious purpose such as being used as money. Although the Bunk Dog logo is reminiscent of Shiba Inu and Dogecoin, it has unique features that set it apart.

Bunk is built on the Solana blockchain, which is a platform quick and low cost is Solana has become a popular choice for cryptocurrency projects due to its high speed and ability to process multiple transactions simultaneously. The Bonk development team distributed a significant portion of this token as a Christmas gift to the Solana community. Half of all BONK tokens were randomly awarded to people who contributed to Solana’s growth, including developers, artists, and active users.

This unexpected action was done without prior notification and the support of famous investors. But what is the main purpose of Bunk? Today, bonk plays an increasingly important role in the Solana ecosystem. Their goal is to become a token that all Solana community members can use for various purposes, from buying and selling NFTs to getting rewards in blockchain games. This path has already been followed by Shiba with the development of the second layer of Shibarium, which tries to go beyond a meme coin by expanding its ecosystem.

Read more: What is Meme Coin? Are memecoins worth investing in?

Who are the BONK team?

Bunk’s team consists of 22 anonymous developers, all of whom have been involved in the project since its inception. Each member of this team has previous experience in building decentralized applications (DApps), NFT and other related products on the Solana platform.

The distinguishing feature of the Bonk team is the structure without a leader and the voluntary participation of the members. According to team members:

We all have a long history of working in the Solana ecosystem and have developed a wide network of relationships over the past few years.

BONK community

Like most memecoins, what sets Bonk apart is the community behind it. The team’s main focus is on connecting and supporting their community, especially Solana users and creators. This active community has played an important role in the development and adoption of bunk in the Solana ecosystem.

The active participation of community members in various discussions, proposals and projects has greatly contributed to the growth and dynamism of Bunk. This collective cooperation and sense of belonging to the community is the main factor behind the popularity, credibility and success of Bunk. Also, mutual support of community members has created a suitable environment for innovation and development of new applications.

How did Bonk become Solana’s saving angel?

At the end of 2022, the Solana ecosystem faced serious challenges. The FTX exchange scandal and the Alameda hedge fund have severely shaken investor confidence and dramatically reduced the price of the Solana token. During this difficult time, many projects left Solana and the liquidity in this network dropped drastically.

Read more: Everything about the rise to fall of the FTX exchange

But just when all seemed lost, Bonk was born as a fun meme coin with the goal of resurrecting Solana. By distributing tokens fairly among users and developers active in the Solana ecosystem, this project gave a new impetus to the network and helped to return liquidity to the Solana blockchain.

Read more: Sam Bankman Fried and the fate of the biggest scandal in the history of digital currencies

Bunk Token Evaluation

Bonk token (BONK) was distributed to Solana users and developers on December 25, 2022. But the main hype around it started at the end of 2023. Since October, Bonk has experienced a strong two-month uptrend, during which the value of the token grew by nearly 20,000%.

What are the factors affecting the price of the bank?

The price of bunk has increased for several key reasons. First of all, in October bonk prices started to rise with the introduction of something called one-way pools. This basically means that you can earn money just by staking bonk tokens, without having to add any other type of cryptocurrency. This change caused more people to use and transact with Bunc, which in turn raised its price.

Another important factor in increasing the price of Bonk was its listing on the prestigious Coinbase exchange. Unlike some other similar memecoins, such as Pepe, Bunk’s listing on Coinbase gave it a lot of credibility and introduced it to more investors. This increase in the attention of investors and traders helped to increase the demand for Bunk and further increased its price.

Token economy (Toconomics) Bonk

The total supply of Bunk tokens is set at 100 thousand billion units, half of which was distributed at the beginning of the project. According to Bunk’s white paper, the initial token distribution is as follows:

Initial airdrop (50% of total tokens)

• 20% of tokens have been assigned to Solana’s 40 NFT collections.
• 15% of the tokens have gone to the initial traders of the Openbook platform, which is a Solana dex.
• 10% belongs to Solana artists and collectors.
• 5% has been assigned to Solana developers.

The sum of the above tokens, which is 50% of the total tokens, constitutes the airdrop bank. The other half of Bunk tokens are distributed as follows:

Remaining distribution (50% of total tokens)

• 20% was awarded to the initial participants of the project.
• 15% went to Bonk DAO, the decentralized organization dedicated to Bonk.
• 5% went to each of the development, marketing and primary suppliers of Bank’s liquidity.

According to the data of the Coin Market Cap website, as of December 3, 1403, nearly 82% of Bunk tokens are in circulation and its market value has reached 37.2 billion dollars, which puts Bunk in the list of 100 valuable tokens in the market.

What are the uses of bunk?

The practical applications of bunk are expanding day by day. The two main areas of application of this token are:

Integration in the fields of DeFi and payment

Bonk is finding its place in the decentralized finance (DeFi) and payments sector in the Solana ecosystem. The notable applications of Bonk token (BONK) in DeFi are:

• Solend: Token bank lending and earning or receiving loans
• Bonkomatic: Stake Solana and get Bunk Token
• Coin Rabbit: Using bank as collateral to get a loan
• Liquify: Convert NFT to Bunk Token

Integration into blockchain games

The relatively low value of each BONK token makes it suitable for use in blockchain games. Some of the games you can earn bonk tokens with:

• DOGE Track: Racing with dogs
• Dead Ruby: Treasure hunting game on Solana network
• Evio: Shooting game under the browser

What factors make Bunk unique?

One of the hallmark features of Bunk that sets it apart from other memecoins is its community-driven nature. Bunk’s support team has no control over its supply or direction. Instead, 15% of the total supply has been entrusted to the decentralized self-governing organization Bonk DAO.

Bunk Dao is responsible for deciding the direction of future development and management of Bunk. All Bunk Token holders can participate in BunkDao’s decision-making process by participating in voting or making suggestions.

Bonk, Shiba or Dodge?

While Bonk’s market cap recently reached $4 billion, it is interesting to compare it with its main competitors, Dogecoin and Shiba. Dogecoin, the leader of memecoins, reached a peak market value of $70 billion in 2021. In the same year, Shiba also achieved a market value of 43 billion dollars. However, each of these memecoins has followed a different path.

Background and technical structure

Dogecoin was born in late 2013. Its code is adapted from Luckycoin, an obsolete digital currency that itself was a fork of Litecoin (LTC). In 2014, the Dogecoin mining process was merged with Litecoin, allowing miners to mine both currencies simultaneously.

Shiba was developed as an ERC-20 token on the Ethereum blockchain, while Bonk was developed on the Solana network. Both of these memecoins have been issued with very high supply, which has drastically lowered the price of each token and made them more attractive to investors.

Read more: What is hybrid mining or dual mining?

Difference in valuation

The value of each Bunk token is a fraction of a cent, so that by investing a few dollars, you can own millions or even billions of Bunks. This feature has even led to the popularization of the term “BONKillionaire” for holders of significant amounts of bonks. In contrast, the price of Dogecoin is usually between $0.1 and $1, which is relatively higher compared to the price of Shiba Inu and Bonk.

What are the benefits and risks of the bank?

Next, we examine the benefits and risks of investing in the bank:

benefits

• Bonk is listed on popular centralized exchanges including Coinbase, Binance, and Kocoin.
• Bonk is part of the Solana ecosystem, one of the main competitors of the Ethereum blockchain, which is growing in popularity due to its high speed, low fees and scalability.
• Bunk Token experienced a spectacular growth in 2023, increasing in value by more than 20,000%.
• The Bonk ecosystem launched a decentralized exchange (DEX) called BonkSwap in November 2023.
• Bonk holders can use their tokens and earn money by providing liquidity on the BonkSwap decentralized exchange.

Risks

• The total supply of Bunk is 100 trillion tokens, and this high amount of supply can affect its valuation.
• New memecoins usually lose popularity as new competitors emerge and gradually fade into obscurity.
• The market of memecoins is usually associated with extreme price fluctuations, which increases the investment risk.
• The limited transparency about the identity of the Bunk development team can be disconcerting.
• The practical applications of Bunk are currently limited, although they are expanding.

How to get airdrop bonk?

Bunk’s initial airdrop was targeted to specific groups:

• NFT collectors
• Developers
• Early Traders of the Openbook Platform

Merely owning or steaking Solana was not enough to qualify. There is no way to get it now that the airdrop is over. If you had a Solana-based NFT at the time of distribution, it is recommended to check your Phantom wallet or other Solana wallets. No bonk tokens in the wallet, probably means no airdrop.

Read more: What is Airdrop? Learn how to earn free digital currency

Be alert! Profiteers are trying to scam you by claiming to provide access to Airdrop Bunc. Their goal can be to steal private keys or install malware on your device. To keep your assets safe, follow news and information only from official and reliable sources. Avoid clicking on suspicious links, especially those that promise airdrops, and never share your wallet information with others.

Frequently asked questions

Summary

Bonk started out as a free airdrop with a distinctive name, but has surpassed expectations with its successful integration into Solana’s ecosystem and strong support from the user community. However, as with any digital currency, its future success is not guaranteed.

However, Bonk’s story represents the spirit of innovation in the cryptocurrency world. This project showed that successful projects can be established even in unfavorable market conditions. Bonk is known not only as a successful meme coin, but also as the savior of the Solana ecosystem.