For most of us BONK It is a new name that if we don’t like crypto projects with a weak foundation, we would say that this is another opportunistic cryptocurrency. I am no exception to this rule. But let’s see it this time from the perspective of those involved in the Bunk project; Although changing the angle may not change the result. “The folks behind BONK got tired of Alameda’s toxic technomics and decided to make a fun meme coin. A meme that everyone can share in.” These are two lines of narration by Bonk team to tell a sad yet inspiring story to introduce Bonk. But to complete the story of Bonk and to understand What is the BONK token?, we have to put together the puzzles of the Sam Bankman-Fried scam, the Alameda bankruptcy, and the Solana price crash. To hear the story of Bonk; Follow the trend of the crypto market these days with the country of blockchain.
The author of this text does not own a dollar of Solana, nor is he a fan of Solana, nor has he ever transferred a dollar in Solana’s network. So do not consider this article as an invitation to invest.
What is the BONK token?
If you’re not a Solana fan like me, you probably haven’t heard of BonkDAO before December 2021. Bonk Dao, a decentralized organization and birthplace Bonk Inu or Bonk Token/Bank (BONK) Is. Bonk can be considered the first meme coin of the Solana network, which was born on December 25, 2021, inspired by Dogecoin. The white paper of the Bonk project BONK Paper This project is called [توکنی] It describes on behalf of the people and for the people. It seems that the development team has successfully implemented this ideology in its airdrop. Because 50% of the supply of 100 trillion BONK token It has been airdropped between the Solana community. Bank token is supposed to be used in most of the big Dapps in the network. This project is currently used in more than 50 Solana network projects. These Solana ecosystem projects include: Solend And SOLSEA Cited.
What is the purpose of the Bonk token?
The price of Solana in the last two weeks (since this article was written on January 17, 1401) had reached its lowest level since February 2021. The price of SOL cryptocurrency has been volatile for several reasons in recent weeks. One of the most important reasons for that is the ecosystem’s close connection with Sam Benkman Fried and the leading NFT token companies leaving the network. Decentralized exchange Serum also announced its closure and added Solana’s proprietary PhantomVault wallet (Poligan) and Ethereum to its list of supported networks. Additionally, large NFT collectors such as DeGods and y00ts were also projects that left Solana for Ethereum and Polygon. About 643 million dollars of Solana is also under judicial supervision during the bankruptcy of Alameda Research. All this makes investors and businesses stay away from Solana, or at least don’t put all their capital at the feet of this network.
According to Bonk’s white paper, the main reason for launching the bank was to remove the negative views surrounding Solana and return liquidity to decentralized exchanges built on the network. The native cryptocurrency of the Solana network lost about 97% of its value since the collapse of the FTX exchange. Hence the rumblings that Bonk is designed to drive up Solana’s price. Vitalik Buterin also showed his support for the developers of the Solana ecosystem by publishing a tweet on December 30, 2021, and announced that the exit of opportunistic investors will lead to the development of Solana.
Just before Christmas this year, Bonk was born to reward those who support the Solana Blockchain. After nearly 9 consecutive days of decrease in value, which brought the price of SOL to about 8 dollars on Friday (16 January 1401), the price of Solana has also increased by more than 30% in the last seven days.
BONK token review
Half of the total supply of Bonk cryptocurrency has been airdropped to the Solana community. The method of airdrop distribution is as follows:
- 20% to NFT collections (which will now include 29,700 unique tokens.)
- 15% to the first users of Openbook decentralized exchange (Openbook is a newly established decentralized exchange in Solana, which bears the title of replacement of Serum exchange.)
- 10% to Solana artists and collectors
- 5% of Solana developers
- 20% to early contributors (people who were involved in setting up the bank)
- 5% of future developers
- 15% of BankDAO
- 5% of initial cash distribution
- 5% of marketing
After the airdrop is completed, 50 trillion of the BONK supply will be available for purchase by other users. According to Mihan Blockchain and quoted by Coin Market Cap The total supply of BONK token is about $99,867,657,417,668. BONK price On December 17, 1401, it is about $0.000002154. Total market value Bank digital currency $120,767,299 and its trading volume in the last 24 hours is $59,274,456.
BONK token price performance
The price of Bunk went from $0.000001078 on December 30, 2021 to $0.000004892 on January 5, 2022, a massive growth of 4438%. To understand this, I must say that some developers of the Solana program received 5 billion coins on December 25. At that time, the value of this airdrop was less than 1000 dollars. However, last week’s peak price brought their value to $122,000. But after 24 hours on January 6, 2022, the price of BONK digital currency reached $0.000001512 with a drop of more than 56%. In the image below, you can see the pump and dump of BONK token in the last 7 days.
One of the main reasons for the increase in the price of the bank token was the hype surrounding the airdrop. Because almost the entire community of Solana saw a very large amount of bank in their wallets. This was compounded by massive bonk token burns. For example, the Solana network announced the token burning of more than one billion coins on January 3. The next day the project announced that all tokens allocated to projects leaving Solana would also be burned. In this regard, the 500 billion tokens allocated to the DeGods project will be lost forever. Finally, on Friday, January 6 (January 16), the project announced that 5 trillion bank tokens belonging to the team will be burned. This can be explained by the wide increase BONK price knew
BONK compatible wallets
Where to buy BONK token?
Bonk digital currency is listed in decentralized exchanges Raydium, Orca and Jupiter and centralized exchanges Huobi, Gate, Bybit, Bitget, LBank, Coinx, Hotbit and DigiFinex. You can find the complete and updated list of exchanges from the section Markets Coin Market Cap site And Bank site integrations view
A word with the users of blockchain country
Should we buy or not buy BONK tokens? The fact is that no one can stop you from buying bunk. But if you take a look at the events related to the market in the last few months, you can see that you can’t fight the flood with sandbags. In the past year, we witnessed the destruction of many cryptocurrencies, companies, exchanges and individuals. So before buying or deciding to invest heavily in BONK, ask yourself if Solana is doomed, can a Dogecoin save it?
- What is BONK digital currency?
Bonk or Bank (BONK) is a meme coin on Solana network platform. 50% of the total supply of this cryptocurrency has been offered to Solana network users and supporters. Increasing the price of Solana can be considered as one of the indirect goals of this project.
- Should we invest in BONK?
BONK is a meme coin and its biggest support is the attention of Solana community members and the news surrounding it. We do not advise you to invest in projects that have a weak technical foundation.
Bonk digital currency (BONK) is memecoin on Solana network platform. This token is designed to encourage Solana’s supporting community and has airdropped about 50% of its total supply to Solana’s community. According to the white paper of the project, the main reason for launching Token Bank is to change the negative views towards the Solana ecosystem and to restore liquidity to the decentralized programs of this network. Despite the positive performance of this cryptocurrency in the last two weeks, in your opinion BONK token Can he claim to save the Solana network from the whirlwind of Alameda and FTX?