Bonk Inu (BONK): The First Dog-Themed Meme Coin on Solana

2022 has been a rough year for the cryptocurrency market due to the extremely volatile market conditions. The Solana community has been hit hard by the predatory practices of VC token holders and numerous highly-publicized events. Recently, Bonk has been introduced as the first Solana dog coin, and it aims to be the platform’s primary coin. At the same time, it has tasked itself with supporting and strengthening the community through its specialized token allocation.

What Is Bonk?

Bonk’s developers identified challenges that Solana faced well before the recent FTX debacle that sent SOL prices tumbling. This public blockchain platform had consistently been one of the higher-rated platforms, but recently, it has been impacted by nefarious players who have largely been interested in profiting from the platform rather than growing it. 

Bonk is a meme token that launched on Solana in December 2022 with an airdrop of approximately half of its token supply. Many of these tokens found their way into the crypto wallets of top NFT developers, investors and other key players. While this airdrop had an immediate and positive impact on the Solana price, the longer-term impact of Bonk’s debut on the Solana community is also promising.

History of Bonk

While Bonk’s official debut occurred recently in December 2022, the project’s development has been in the works for much longer. The token was created by Dexlab, which is a DEX, a minting lab and a launchpad. Initial funding was supported by the web3 payments API, Helio. Famous Fox Federation also played a key role in the launch with its work on the airdrop, raffles and other efforts. Bonk’s founders, however, have remained anonymous thus far.

The official launch gained immediate attention because of its airdrop of roughly half of its token supply. Its total token supply stands at 100 trillion. While Bonk’s development was not widely publicized, the launch and BONK airdrop came at a critical time for Solana, the blockchain that it was created to support. The blockchain recently suffered losses due to its affiliation to the now-defunct FTX as well as the announcement that several NFT projects such as DeGods and y00ts were leaving.

What Does Bonk Aim to Achieve?

Bonk’s self-proclaimed mission is to restore the power of the Solana community. At the same time, it wants to be the main Solana coin. As part of its goal to be used by the masses rather than controlled by a select few, the BONK airdrop went to what it describes as the social layer of the network. This includes DeFi traders, NFT enthusiasts and developers who actively strive to improve Solana through their efforts. At the same time, Bonk wants to encourage those who are not yet active with web3 to explore the space.

In addition, Bonk plans to continue to support the evolution of Solana through the creation of the BonkDAO. This is a governing party led by the Solana community. In addition, some BONK tokens have been set aside for the future development of Solana, promotional activities and other key initiatives.

How Does Bonk Work?

Bonk is a Solana dog coin that can be compared to other dog-themed meme coins, such as DOGE and SHIB. Created to support Solana and to promote its continued evolution, its primary utility is rooted in the widespread use of its token, BONK. By airdropping the tokens to numerous wallets, Bonk has successfully and widely distributed its released tokens. Further, it has rejuvenated interest in Solana after what was a particularly rough year for the platform. By being broadly circulated rather than held by a smaller group of big investors, the BONK token is better able to help the Solana community realize the full potential of the blockchain platform.

BONK Tokenomics

Source: Bonk Inu

The Bonk airdrop released 50% of the total supply of BONK tokens. Of these tokens, 20% is allocated to 40 Solana NFT collections. In these projects, there are approximately 297,000 collectibles. In addition, 15% is allocated to early traders. 10% is reserved for Solana-focused artists and collectors, and 5% is reserved for Solana developers. 

Another 20% of the token supply is allocated to the project’s early contributors. These 22 contributors are subject to a three-year vesting period. Those who make future contributions and developments may receive a portion of a 5% allotment. The DAO will be funded with 15% of the tokens. The remaining 10% of the tokens is divided evenly between marketing promotions and initial liquidity.

BONK vs DOGE vs SHIB

DOGE and SHIB are meme coins with dog themes that immediately gained immense popularity. A large portion of their popularity was tied to the potential for exciting investor profits. For example, the lowest price of DOGE was $0.00008547 in May 2015. Only six years later, the price reached its peak at $0.7376. SHIB saw similarly spectacular gains, but both coins have since fallen from their peaks significantly.

BONK is a meme coin as well. Between the airdrop on Dec 25, 2022, and Jan 3, 2023, the token’s price saw a 100% day-over-day increase. At the same time, Bonk has had a positive impact on SOL price. While there is a clear similarity between these three meme coins, it is important to note that Bonk’s primary purpose is to support the Solana community and aid in the blockchain’s continued development.

Popularity of BONK

While many new tokens are well-publicized before their launch, little was known about Bonk before the airdrop. Immediately after the airdrop, the BONK and SOL prices took a sharp upward turn. Solana’s price had been suffering due to its affiliation with FTX and the loss of two Solana NFT collections. The sudden and relatively unexpected upturn has created a buzz amongst the crypto community. The initial price trajectory may follow that of DOGE. With this in mind, some investors and token holders may be eager to see the BONK price reach an astronomical level before settling back down to earth.

BONK Price Prediction

The initial BONK price was $0.0000001087, and the price hit $0.0000001486 before the close of 2022. By Jan 3, 2023, the price hit $0.000001197. On Jan 5, 2023, BONK attained an all-time high price of $0.00000487. Following this, the Bonk team made an announcement via their official Twitter page that they had burned the entirety of 5 trillion tokens allocated to them. This amounted to 5% of the total token supply. While a token burn is usually meant to push the price of a token up, BONK’s price fell instead. As of Jan 12, 2023, BONK is priced at $0.000001036 and has a market capitalization of approximately $58.9 million. 

BONK’s history is undeniably short, which can add to the uncertainty of a price prediction. While the price of BONK has fallen, data from Dune Analytics showed that there were more than 11 million BONK transactions in the past two weeks. There was also a significant increase in the token’s daily active users in the past week, indicating that there is increasing interest in BONK as time passes. Hence, despite its price drop, BONK’s strong growth in user activity could result in an uptrend again in the near future.

CryptoPredictions believes that the price will reach $0.000005838 by the end of 2023 and $0.000005666 the following year. At the end of 2025, the price is expected to be close to $0.000007812. By 2027, it may hit $0.00000953. However, WalletInvestor indicated that the price could reach $0.0134 within the next 12 months and $0.0296 at the end of five years.

Impact of BONK on Solana

While there are many dog meme coins today, Bonk stands out because of its use of the Solana blockchain. Moreover, Bonk and Solana share a deep relationship. Bonk is committed to supporting the ongoing growth of the blockchain and being the coin of the Solana community. Thus far, BONK has had a positive impact on Solana. While SOL has not seen quite the jump in price that BONK has, it has increased substantially. Roughly a month ago, SOL was valued at $8.14, and it is now $16.55. More than that, however, is the positive press that Solana has received. This new coin has nudged Solana back into the sunlight.

Where to Buy BONK

With the incredible upward potential for the coin's price to skyrocket and with its utility, many investors and crypto enthusiasts are eager to make a purchase. BONK is currently available through Bybit as a Spot trading pair and as a USDT Perpetual Contract. 

Bybit is a reputable, ultra-fast exchange that offers hassle-free transactions with comparatively low fees. Sign up for a Bybit account today and start trading BONK/USDT and 1000BONKUSDT Perpetual Contract on the Bybit Spot Trading platform and Bybit Derivatives Trading platform respectively!

Is BONK a Good Investment?

BONK is currently priced at a fraction of a cent. This enables investors to purchase a huge number of coins for a small sum of money. The BONK price has seen exciting gains in recent days, and it may be reasonable to anticipate this upward trajectory to continue in the near future. With this in mind, there could be a great opportunity for investors to realize tremendous short-term gains. Looking farther ahead, BONK may follow the path of DOGE and SHIB with a dramatic drop in price after hitting a stunning peak. However, experts predict that BONK will increase in value overall in the long term.

Of course, as the cryptocurrency market is highly unpredictable, you should always do your own research and only invest what you can afford to lose. 

Closing Thoughts

It may be easy to view Bonk as yet another dog meme coin, but it has greater potential than some of the other meme coins that it may be grouped with by actively supporting the Solana community. Whether you are interested in trading profits or supporting Solana, Bonk is certainly a meme coin to watch.