BONK, like Dogecoin (DOGE) and Shiba Inu (SHIB), reviving the Solana (SOL) ecosystem, has been one of the most popular coins lately. The meme coin has been up 16x since its launch. It was also listed on the popular crypto exchange Huobi. So, what is BONK coin? Here’s what you need to know about this new and popular altcoin…
What is BONK Coin?
At launch, 50 percent of the initial token supply was airdropped to Solana Non-Fungible Token (NFT) collectors, traders, artists, and developers, according to Bonk’s one-page report. According to the website, “Bonk contributors” were fed up with the toxic “Alameda” tokenomics and wanted to make a fun meme coin where everyone gets a fair chance.” Bonk’s website has a list of “partners”, including well-established Solana projects such as the Famous Fox Federation, Orca, Raydium and Solend. Bonk launched on December 25, but started hinting in his first tweet on December 8.
In terms of context, BONK’s market cap is currently around $11 million after posting a 15 percent increase in the last 24 hours. So it’s almost five times larger than the market cap of the oldest Solana memecoin, Samoyedcoin (SAMO). SAMO’s all-time high market cap was over $700 million in October 2021.
Made the Solana ecosystem shine
Even some major Solana projects, from major decentralized exchanges like Orca to NFT markets like Magic Eden, have considered adopting the newly launched token. Some Solana projects have already integrated bonk tokens for use as payment for listed NFTs, while others have introduced “burn” mechanisms for NFT-based events.
Token burning, as we have also reported as Kriptokoin.com, means removing coins from the general supply of a cryptocurrency. While Bonk is gaining momentum, it’s important to consider the possibility that it will suffer a similar fate to meme coins that usually eat a pump&dump. But in the meantime, it has helped the Solana ecosystem gain momentum at a time when many crypto players see it as a loss.
Huobi listed BONK
Meanwhile, BONK is starting to attract the attention of various exchanges. For example, yesterday, BONK was listed on Huobi. BONK deposits opened on January 3, at 13.30 Turkish time. BONK spot trading (BONK/USDD) was opened when the deposit volume met the demand of market trading which will be officially announced in advance. BONK withdrawals will start today, January 4th at 14:00 CEST. For now, BONK is in parity with two different coins, USDD and USDT.
