What is bonk? Bonk is an extremely popular memecoin and one of the first versions of Dogecoin, Shiba Inu on Solana. So, what is interesting and special about Bonk? Let’s find out in the article below.
Bonk Overview
History & Story of Bonk
Bonk was created by a group of anonymous developers under the pseudonym “The Bonk Squad”. This development team decided to create a memecoin on Solana to take advantage of the platform’s advantages, including high speed, low transaction fees, and high security. On January 4, 2023, Bonk was airdropped to the Solana community. This airdrop attracted the attention of the Solana community, and BONK’s value skyrocketed in the first days after its release.
Before the airdrop, Bonk was known to some, but still unknown to many. The value of BONK is only a few cents.
Bonk’s airdrop event was a huge event for the Solana community. This airdrop distributed a total of 100 billion BONK tokens to the Solana community. To participate in the airdrop, users need to have a Solana wallet and follow Bonk’s Twitter accounts. The airdrop lasts for 24 hours, and ends on January 5, 2023.
After the airdrop, the value of BONK skyrocketed. The value of this coin has increased more than 100 times within a few days. The fact that Bonk airdropped more than 50% of the total supply to the community is a demonstration of opposition to Alameda Research and FTX.
Besides, when mentioning Bonk, users probably still remember it event “Sam Bankman-Fried is getting punched in the head”. On January 20, 2023, a Twitter user with the handle @BonkMeSam posted a tweet with an image of Sam Bankman-Fried being punched in the head. In his tweet, this user challenged Bankman-Fried to punch his own image and promised to donate $100,000 to charity if Bankman-Fried accepted the challenge.
User @BonkMeSam’s tweet quickly went viral on Twitter, and caught the attention of many people, including Sam Bankman-Fried. On January 21, 2023, Bankman-Fried accepted the challenge and posted a video of himself punching an image of himself.
The “punching on Sam’s image” event caused another wave of Bonk Coin buying, and the coin’s value increased significantly. This event also helped Bonk Coin become more famous in the cryptocurrency market.
What is bonk?
In essence, Bonk is a cryptocurrency issued on the Solana platform with SPL standards. Bonk was born with the sole goal of making fun of the Solana ecosystem. Besides, Bonk does not have any information about the long-term future development roadmap.
Currently, Bonk has certain features on the Solana ecosystem such as:
- Integration for payments on several protocols such as Duel Casino – a casino project or Aurory that allows winning players to earn Bonk.
- Simply an investment tool.
Besides, Bonk also has a number of products including:
- Bonk Swap: BonkSwap is a decentralized exchange built on the Solana platform. BonkSwap allows users to trade BONK and other cryptocurrencies, as well as provide services such as yield farming and staking.
Things to Pay Attention to When Investing in Memecoin
Risk & possibility of great loss
Memecoins often face a high level of risk, especially because they often appear at low prices and have no industrial foundation or real-world applications. Large price fluctuations and uncertainty in value can lead to large losses. This poses a big challenge for investors and requires them to have a clear investment strategy and be willing to accept risks.
Clearly, Memecoin projects live up to the phrase High Risk High Return. If you invest in Memecoin, be prepared to lose all your money.
Check for community support and interest
Before investing in any memecoin, check if the coin has significant community support. This support may be reflected in activity on forums, social sites, and other online communities.
At the same time, it is also necessary to check the liquidity of memecoins on exchanges, as poor liquidity can create limited buying and selling capabilities, affecting the ability to execute trading orders.
Suspicious sources of information
Memecoin is often driven by social media announcements and rumors, rather than accurate information and fundamental strategies. This creates an unstable investment environment, with the value of memecoins subject to sharp increases or decreases based on uncertain information. For investors, being cautious and relying on reliable sources is important to avoid making decisions based on inaccurate information.
Remember, investing in memecoin requires caution and an understanding of the risks. If you do not have special experience in this area, you should seek expert advice before making an investment decision.
Tokenomics
Information about Bonk tokens
- Token name: Bonk Coin
- Code: BONK
- Blockchain: Solana
- Token classification: SPL
- Contract: 0x5a98fcbea516cf06857215779fd812ca3bef1b32
- Total supply: Infinite
Token Allocation
52% of total project supply has been allocated as follows:
- Top 40 projects on Solana: 21%
- Solana users: 16%
- NFT content creators: 10%
- Solana Developer: 5%
Project Information Channel
Summary
Today Bonk has become a part of culture on the Solana ecosystem. Hopefully through this article everyone can understand more about what Bonk is?
