While there are similarities between Bonk and Shiba Inu, there are reasons to be skeptical about any meme coin as new as Bonk.
Bonk and Shiba Inu similarities
Bonk’s mascot is a cute Shiba Inu dog. As such, Bonk is the latest in a long line of dog-themed meme coins that started with Dogecoin. Another big similarity is that Bonk has a massive 100 trillion cryptocurrency supply, of which about 50 trillion are currently in circulation after the first airdrop to the Solana (SOL) community.
By comparison, the circulating supply of the Shiba Inu is 549 trillion. These massive cryptocurrency circulations lead to massive market capitalizations and are quickly gaining attention. Quite simply, any number multiplied by 100 trillion will be large. Currently, Shiba Inu has a market capitalization of $4.5 billion and Bonk has a market capitalization of approximately $100 million.
Another important similarity with the Shiba Inu is that both coins are for entertainment purposes. They are not intended to provide any serious benefit and are primarily aimed at retail investors who enjoy crypto trading. Bonk’s whitepaper specifically mentioned the need for a new ‘fun’ cryptocurrency after all the negativity with failed crypto exchange FTX and related hedge fund Alameda. Bonk claims this is the first dog coin ‘by the people for the people’.
What is Bonk’s point of view?
While Shiba Inu is a crypto token minted on the Ethereum blockchain, Bonk is a crypto token minted on the Solana blockchain. This is why many refer to it as the ‘Solana meme coin’. Also, Bonk was created specifically for members of the Solana community. On December 24, the token was distributed only to people active in the Solana community, such as creators of new Solana NFT collections and Solana developers. So when trading started soon after, the only person who could trade Bonk had some sort of relationship with Solana.
The easiest way to buy this meme coin is through decentralized exchanges built on top of the Solana blockchain. You can trade by looking at a list of exchanges that have deep relationships with Solana and currently offer trading on Bonk. This helps explain why Solana has also had a small surge over the past few days. The bonk frenzy is getting people talking about Solana again.
Will the Bonk rally continue?
Bonk is up 5,000% at one point, so some people who lost a lot in Solana last year are probably already dreaming of a future where they can make up for all their losses with a quick cryptocurrency surge. Others probably hope that Solana can finally get rid of all the unwanted negative attention from her previous relationship with disgraced FTX chief Sam Bankman-Fried, who helped finance and promote crypto.
However, some people on social media are already saying that the Bonk rally is over. Many dog-themed meme coins have tried and failed to become the ‘next Dogecoin’ or ‘the next Shiba Inu’. For example, in 2022, Tamadoge briefly sparked investor excitement as the next Dogecoin. So it seems very unlikely that Bonk will do what other coins do not. As we stated as Kriptokoin.com, BONK is instantaneously traded at $0.0000015 with an increase of 2% in the last 24 hours.
A private consulting firm does not recommend Bonk, which seems too speculative for most individual investors. Until Bonk provides more benefits and a real long-term plan that is more than just a marketing activity, they are deeply skeptical. However, Bonk still thinks it could help raise Solana’s fortune by helping to draw attention to all the exciting projects, creators and developers within the Solana community.