• BONK is a new meme coin token on the Solana network, with a circulating token supply of around 41.5 trillion and a market capitalization of around $63 million.
• BONK’s price surged to an all-time high of $0.00000487 per token on Jan. 5, 2023, before plummeting to a low of $63 million 24 hours later.
• 50% of BONK’s total supply was airdropped to the Solana community, with fractions of it distributed to NFT collectors, openbook traders, Solana artists and collectors, and Solana developers.
The cryptocurrency market has been abuzz in recent months with the launch of bonk inu (BONK). This new meme coin token has been launched on the Solana network, and boasts a circulating token supply of around 41.5 trillion and a market capitalization of around $63 million.
The BONK development team and its “one pager” explain that the project was created as an antidote to the toxicity of the “Alameda” tokenomics. With a “fair shot” for everyone, 50% of BONK’s total supply was airdropped to the Solana community, with fractions of it distributed to NFT collectors, openbook traders, Solana artists and collectors, and Solana developers.
The value of BONK started to rise on Dec. 29, 2022, when it was trading for $0.000000086142 per token. With an increase in demand, the price of BONK surged to an all-time high (ATH) at $0.00000487 per BONK on Jan. 5, 2023. This jump in price was short-lived, however, as 24 hours later BONK was down 67.9% since the token’s ATH, representing a market capitalization of $63 million.
The wild price fluctuations of BONK have raised eyebrows in the cryptocurrency community. Analysts have noted the high degree of concentration among BONK holders, with one address holding as much as 50% of the total supply. This suggests that BONK is still in its early stages and is not yet fully decentralized, meaning that it is vulnerable to manipulation.
Regardless of its current market state, BONK is still a relatively new project, and the future of the token remains uncertain. It will be interesting to see how the project fares in the coming months and years, and the extent to which it can become a viable alternative to other meme coins.