What is Bonk Inu (bonk): Solana's Dogecoin?

Von Krypto News Österreich

Memecoins have been part of the cryptoculture for almost as long, as the community existed, but they achieved a whole new level in 2020 and 2021.

There was a point where two Memecoin-Dogecoin (Doge) and Shiba Inu (Shib)-became frequent members of the top 10 club (which 10 largest cryptocurrencies after overall market capitalization).

The bear market of 2022 hit most of the memoins, but Doge and Shib are still leading coins.

That means there is a new child on the block - one that is based on Solana - and that runs for miles. The cryptocurrency in question is called Bonk Inu (bonk), so let's take a closer look at what it actually does.

What is bonk inu (bonk)?

According to his official one-Pager, Bonk is the very first Memecoin with dog motif on Solana, which is "for people".

The document says:

The Bonk-Geschenste fed the poisonous “Alameda” tokenomics and wanted to create a funny Memecoin in which everyone gets a fair chance.

50 % of the total offer of cryptocurrency were thrown out of the air to the Solana community, while the main purpose of the team behind it is to bring the liquidity back to the decentralized stock exchanges based on Solana.

In fact, in addition to the token distribution, this is pretty much everything that tears out the document.

bonk-token distribution explained

As mentioned above, 50 % of the supply in the municipality of Solana were thrown out of the air, divided as follows:

  • 20 % of them went to Solana NFT collections (297,000 individual NFTS)
  • 15 % for early openbook dealers
  • 10 % to Solana collectors and artists
  • 5 % to Solana developers

The total offer is set to 100 trillion bonk tokens. The provided cake diagram looks like this:

bonk_supply_distribution Bonk-website

massive bonk burning drives the price ahead

In the past few days, the team behind Bonk has burned a considerable number of tokens and introduced certain functions that enable users to burn token themselves.

For example, the team announced on December 4 that the assignment that was to go to the Degod's NFT project was burned. You can find the transaction here. It saw 500 billion bonk tokens that were wiped from the market forever.

This sent the price up, since it rose by more than 100 % at one point on this day. Overall, the cryptocurrency has already increased by over 3000 % since its introduction last week.

Another reason for this is the fact that liquidity providers provide popular decentralized stock exchanges such as Orca at the time of the creation of this article API of over 1000 %

The trading pair Bonk/Sol also recorded a massive 24-hour volume of around $ 20 million.

bonk_yield_orca Orca

The team has remained anonymous, as with many Memecoin projects. The website itself does not contain any other information than the One Pager and the remaining links to bonk-related resources.

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