What is Bonk Coin? Everything you need to know
Discover the essence of Bonk Coin in this concise overview.
What is Bonk Coin?
Bonk is a memecoin built on the Solana (SOL) blockchain, distributed to the Solana community via airdrop on Christmas Day in 2022. The project's symbol is a Shiba Inu dog, drawing inspiration from the well-known memecoin Dogecoin (DOGE).
Digimagg provides an overview of Bonk cryptocurrency
A memecoin, drawing inspiration from internet memes, jokes, and satire, is a type of cryptocurrency. While memecoins typically lack a specific use case initially, as their community and popularity expand, they may develop an ecosystem centered around the meme cryptocurrency.
Bonk cryptocurrency operates on the Solana blockchain, known as one of the most valuable layer one (L1) blockchains globally.
As outlined in Bonk's whitepaper, the project aims to serve as a "community coin of Solana," intended for utilization across various decentralized applications (DApps). Bonk seeks to counteract "predatory VC (venture capital) tokens" by empowering the wider Solana community.
To achieve this, Bonk plans to distribute 50% of its total supply via airdrops to "NFT degens and DeFi traders," as well as artists and collectors on Solana.
BONK tokenomics
Tokenomics encompasses the analysis of a cryptocurrency's supply, distribution, and demand.
Below, we've compiled key insights beneficial for BONK investors:
- Bonk ranked as the third-largest meme coin by market capitalization, following DOGE and Shiba Inu (SHIB), as of mid-December 2023.
- By the same period, it held the 43rd position among all cryptocurrencies by market capitalization.
- Bonk emerged as one of the top gainers in 2023, boasting a remarkable increase of 10,000% among the top 100 cryptos in year-to-date performance as of mid-December 2023.
- Its price stood at $0.00002956, with a fully diluted market capitalization of $1.79 billion around the same time.
- Bonk possesses a maximum supply of 100 trillion coins, with 60 trillion Bonk tokens already in circulation as of mid-December 2023.
The initial distribution of Bonk during its airdrop in December 2022, as per the Bonk whitepaper, is outlined below:
| Recipients | % of total BONK supply |
| The 40 most engaged NFT initiatives on Solana | 21% |
| Active cryptocurrency traders and DeFi participants within the Solana ecosystem | 15.8% |
| Artists and collectors engaging with 1/1 artwork on Solana | 10.5% |
| Developers actively involved in projects on Solana | 5.3% |
| Early supporters and contributors to the BONK initiative | 21% |
| The decentralized autonomous organization (DAO) associated with BONK | 15.8% |
| The distribution of liquidity across decentralized exchanges (DEX) and DeFi protocols | 5.3% |
| Promotional campaigns, incentives, and giveaways related to marketing | 5.3% |
Pros and cons of Bonk
Is investing in BONK a wise decision? Let's explore the pros and cons of BONK to determine its suitability as a cryptocurrency investment.
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How to buy Bonk?
You have multiple options for purchasing Bonk, including using your debit card, credit card, digital wallet, or online banking on centralized exchanges (CEX). This method offers ease and convenience, as it allows for fiat-to-crypto conversions. However, to utilize Bonk on decentralized applications (dApps), you'll need to transfer your Bonk tokens to a crypto wallet.
Alternatively, you can acquire Bonk directly from your crypto wallet through crypto swaps on decentralized exchanges (DEXs). For instance, on Raydium, a Solana-based DEX, you can swap your SOL tokens for Bonk coins. Keep in mind that you'll be required to cover the gas fees, which are quoted in SOL, to facilitate the transaction.
Where can one purchase Bonk Coin?
You can purchase them on both centralized exchanges (CEX) such as Coinbase and decentralized exchanges (DEX) like Raydium.
Purchasing Bonk on CEXs
Here's a compilation of some CEXs where you can buy Bonk:
Purchasing Bonk on DEXs
Bonk is exclusively available on Solana-based DEXs. Here are some DEXs where you can buy Bonk:
- Raydium
- Orca
- Jupiter
- OpenOcean
- BonkSwap
Ethereum users can gain exposure to Bonk by purchasing Wrapped Bonk tokens. Wrapped tokens represent the market value of another token, and Wrapped Bonk will mirror the market price of Solana-native Bonk.
In summary, BONK's astounding surge of over 10,000% in 2023 is remarkable, particularly within the realm of cryptocurrency. It's no surprise that we're witnessing heightened curiosity surrounding this Solana-based memecoin.
If you're considering purchasing BONK, it's crucial to conduct your own research (DYOR), remain wary of the fear of missing out (FOMO), and keep in mind the inherently high risks associated with meme coin trading.
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