Memecoins have been a part of the crypto culture for almost as long as the community existed, but 2020 and 2021 saw them roar to a whole new level.
It got to a point where two memecoins – DOGE & SHIB became frequent members of the top-10 club by total market capitalization
The bear market of 2022 has impacted most memecoins severely, but DOGE and SHIB continue to be leading coins.
That said, there’s a new kid on the block – one built on Solana – and is going the miles. The cryptocurrency in question is called Bonk Inu (BONK), so let’s have a closer look at what it actually does.
What is BONK?
According to its official one pager, BONK is the very first Dog-themed memecoin on Solana that’s “for the people, by the people.”
50% of the total supply of the cryptocurrency was airdropped to the Solana community, while the main purpose of the team behind it is to bring back liquidity to decentralised exchanges built on Solana.
In fact, that’s pretty much everything the document outlines, alongside the token distribution.
According to the Bonk website, and similar to Dogecoin and other Inu tokens, the project is “for the people, by the people,” with five trillion tokens of the 99 trillion supply airdropped to wallets that participated in the top 40 Solana NFT projects, early open-book traders, Solana artists, collectors and devs.
DOGE vs BONK
Dogecoin is used in tipping and charitable donations on social media platforms. On the other hand BONK is focused on SOLANA ecosystem and will be used to incentivise the developers & Traders who form the social layer of the community
Tokenomics:
As mentioned above, 50% of the supply was airdropped to the Solana community, divided as it follows:
- 20% of it went to Solana NFT collections (297K individual NFTs)
- 15% to early OpenBook traders
- 10% to Solana collectors and artists
- 5% to Solana developers
The total supply is set to 100 trillion BONK tokens.
Team
The team, as with many memecoin projects, has remained anonymous. The website itself doesn’t contain other information but the one-pager and the rest of the links to BONK-related resources.
Pros –
Its focused on the Solana community and not VCs
Cons –The survival of the token is completely dependent on the Solana’s growth and adoption
MintingM Ratings
Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.
Start your Crypto Investments with XMINT Bots today