As highlighted in its one-pager, BONK is the inaugural dog-inspired coin on Solana, created "for the people, by the people," with half of its total supply being distributed free of charge to the Solana community. Similar to popular meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE), BONK made its debut on December 25, 2022, which sparked a 34% surge in the price of the SOL token within two days. Trading officially kicked off on December 30, 2022, catching the genuine interest of the crypto world.
The creators aim to restore liquidity to decentralized exchanges (DEXs) on Solana. Their vision was to develop a community-centric coin that could be utilized across all decentralized applications on Solana, allowing every user an equal opportunity to engage with the ecosystem.
BONK was distributed randomly among Solana NFT collectors, developers, and artists, but further details about the airdrop are still not disclosed. At present, the project maintains a limited online presence, primarily through an active Twitter account.
Who Created Bonk?
As of the current date, the team responsible for Bonk remains unidentified. By January 2023, there was no detailed whitepaper available for investors on the official website. Instead, visitors are provided with a one-pager and a bonk-paper, which explain the token's distribution, integration information, and provide links to the SolScan blockchain explorer.
What Sets Bonk (BONK) Apart?
Half of the total supply, amounting to 50 trillion coins, is distributed to those who support Solana's blockchain and aid community growth in various ways. Orca, a decentralized exchange built on Solana, noted that the airdrop led to a trading volume of around $20 million. Since $BONK was listed on several well-known cryptocurrency exchanges on December 30, 2022, the token's value jumped by over 2,000% in just a week. It was the leading crypto asset in 2023 based on percentage returns.
The community has now created over 350 Onchain integrations for BONK across a wide range of areas.
How Many Bonk (BONK) Tokens are Available?
As part of the team's plan, half of the total supply was airdropped to Solana users, which includes artists, creators, and active community members.
The total supply of $BONK consists of nearly 100 trillion tokens, allocated as follows:
5% for Team Development;
5% for Marketing;
5% for Initial Liquidity;
15% for the Bonk DAO;
20% for Early contributors;
20% for 40 Solana NFT collections (representing 297K individual NFTs);
15% for Early OpenBook traders;
10% for Solana collectors and artists;
5% for Solana developers.
By January 2023, there were 56 trillion tokens circulating.
How Does the Bonk Network Ensure Security?
BONK, being a token on the Solana network, benefits from a unique blend of Proof-of-History (PoH) and Proof-of-Stake (PoS) consensus methods, enhancing its scalability and transaction capacity. Solana is identified as a Layer 1 blockchain and is acclaimed as one of the most high-performing and fast permissionless networks, capable of handling up to 50,000 transactions per second (TPS) through its network of 200 different nodes.
Where Can You Purchase Bonk (BONK)?
As of January 2023, BONK is available for trading on exchanges such as Huobi, MEXC, Bybit, and Bitget. It's also listed on Gate.io, Poloniex, Orca, LBank, BKEX, CoinEx, BitMart, Bitrue, DigiFinex, XT.COM, and BingX.
Want to see BONK prices in real-time? Try the CMC mobile app.
Explore our blog for the latest updates and insights in the crypto world.
Check out our educational section on meme coins and NFTs at CMC Alexandria.
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