Canine-themed meme coin and social media darling BONK is up nicely over 400% within the final two weeks. So what’s driving its present progress – and the way is BONK totally different to different dog-based meme tokens?
On this weblog put up, we are going to clarify what BONK is, the way it was launched, what makes it distinctive, and the place you should buy it.
What’s Driving The BONK value?
BONK’s current momentum started a few months in the past, with the introduction of single-sided staking BONK swimming pools. This function allowed BONK holders to earn a yield on BONK with out having to deposit a second asset that BONK would commerce in opposition to.
Within the final fortnight — Users, transaction fees, and the number of BONK transactions have surged. Different components in BONK’s value momentum have been the current announcement on December 14th, that blue-chip publicly listed alternate Coinbase would be listing the token.
Different meme cash which have an extended historical past and comparable giant market caps, like PEPE, have been ignored by Coinbase, however with BONK the ‘Coinbase Effect’ is clearly evident. The itemizing has boosted the mainstream legitimacy of the BONK token and launched it to Coinbase’s giant person base. As well as, BONK perpetual swap derivatives could be traded on the favored buying and selling platform, Bitmex, with as much as 10x leverage.
BONK-mania can also be benefiting the broader Solana ecosystem. BONK has boosted the gross sales of Solana’s Saga crypto-phone. New house owners of the telephone have been in a position to declare airdrops of BONK. Saga holders can declare as much as 30 million BONK. At present market charges, that is ~US$695. That is greater than the worth of the Saga telephone, (US$599). That makes it one of the distinctive arbitrage alternatives in crypto at this time.
What’s BONK?
Like PEPE and DOGE, BONK is a meme coin impressed by web memes, jokes, and satire. Meme cash are usually not designed with a selected use case in thoughts, however somewhat as a method to categorical humor, creativity, and social commentary by means of cryptocurrency. Whereas BONK is much like DOGE and SHIB in that it incorporates a cute canine as its mascot and brand, it differs from them in a number of methods.
1. BONK is constructed on Solana. Known as the ‘Ethereum killer’ when it launched, Solana is a quick, scalable, and low-cost blockchain platform that helps sensible contracts and decentralized functions with over 400 dApps at the moment operating on its community.
2. BONK was launched with an enormous airdrop on December 25, 2022, as a Christmas present to the Solana group. 50% of the entire provide of 100 trillion cash was distributed to Solana customers who contributed to the event and progress of the community ultimately. This included artists, creators, builders, NFT collectors, and lively group members. The airdrop was performed randomly and anonymously, with none pre-announcement or advertising and marketing.
3. BONK’s integration with the Solana ecosystem. BONK’s whitepaper outlines its ambition to develop into the “group coin of Solana,” used throughout quite a few decentralized functions. The undertaking goals to problem the dominance of “predatory VC tokens” by empowering the broader Solana group. That is evident in its strategy to airdropping 50% of its whole provide.
The 1-year correlation between SOL and BONK at the moment sits at 0.76. The coin is accepted as a fee possibility for NFTs on a number of platforms, comparable to OpenBook and Orca. It’s also used as an incentive for staking NFTs on platforms like SolFarm and BonkStake. Furthermore, BONK is listed on a number of well-liked crypto exchanges that assist Solana-based tokens, comparable to Coinbase, Binance and Serum.
Tokenomics of BONK
- Market Place: As of mid-December 2023, BONK was the third-largest meme coin by market cap, following DOGE and Shiba Inu, and the 43rd largest crypto general.
- Spectacular Development: BONK has seen a rare enhance of over 10,000% in 2023.
- Provide Particulars: The coin has a most provide of 100 trillion, with 60 trillion in circulation as of mid-December 2023.
What makes BONK distinctive?
BONK has a number of options that make it stand out from different meme cash. One in all them is its community-driven nature. The staff behind BONK doesn’t have any management over the coin’s provide or course. As a substitute, they’ve delegated 15% of the entire provide to a decentralized autonomous group (DAO) referred to as Bonk DAO. The Bonk DAO is chargeable for making selections relating to the long run growth and governance of BONK. Anybody who holds BONK tokens can take part within the Bonk DAO by voting on proposals or submitting their very own concepts.
How and The place to Purchase BONK
BONK could be bought on centralized exchanges (CEX) like Coinbase, KuCoin, Binance, and decentralized exchanges (DEX) comparable to Raydium, Orca, and BonkSwap. Ethereum customers may also acquire publicity to BONK by means of Wrapped BONK tokens.
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