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TL;DR Breakdown
- BONK, the newest meme coin, has trended for the last week after massive price gains
- Its developers distributed 50% of the meme coin’s total supply to the Solana community.
- They are airdropping 20% to 40 active Solana NFT projects representing over 296,000 individual NFTs.
- Some exchanges you can purchase the meme coin include Huobi, Gate.io, and Bybit.
BONK, the newest meme coin, has trended for the last week after massive price gains. While still fresh, the BONK community has grown fast and has secured multiple listings on various exchanges.
BONK is a Solana dog-themed meme coin similar to Ethereum’s DOGE coin. The coin developers were tired of ‘Alameda’s’ toxic economics that took a toll on the Solana ecosystem, and BONK was a means to vent the pressure.
Solana’s troubles began when analysts revealed that FTX’s Sam Bankman-Fried (SBF) was a major backer of the ecosystem.
BONK seeks to realign Solana’s vision by rebuilding and uniting the Solana community.
Developers distributed 50% of the meme coin’s total supply to the Solana community, particularly Solana NFT holders, DeFi members, art collectors, and developers. They set aside the remaining half to align incentives and ensure that the project continued to thrive in the future.
They distributed 20% of the supply to 40 active Solana NFT projects representing over 296,000 individual NFTs.
They distributed 15% of the supply to users who made trades on the open book. The eligibility criterion was kept secret but assured that even users with small balances qualified.
10% of the supply would go to collectors and artists of 1/1 art.
5% would go to Solana developers, 20% to 22 early contributors, 5% to future development, 15% to BONK DAO, 5% initial liquidity, and 5% to marketing.
Developers chose NFT projects for the airdrop that span low, middle, and high-cap projects to prevent the accrual of all tokens to holders of expensive NFTs. The developers picked eligible NFTs from a snapshot of delisted NFTs and distribution made through Fox Federation Tools.
Here are the 40 NFT projects that are receiving the coin:
ABC, Anon club, Anybodies, Atadia, Aurory, BSL, Boogles, Catalina Whales, Claynosaurz, Communi3, Crypto Duck Punks, Cyber Samurai, DCF, DAA, DTP, Degods, Elixir Vols, FFF, Frakt, Galactic Geckos, Helions, Jelly Beasts, Liberty Squirrels, Lily, Lotus Gang, MBB, OG Pengus, Pengu Bots, Orcanauts, Pawnshop Gnomies, Primates, SAMO DAO, Sol Slugs, SMB, Solgods, Solslimes, SVPLY Chail Male bots, Taiyo gen1, TFF, and Y00ts.
Most of these NFTs have received the airdropped, while the remaining are stuck in a contract, burnt, or not done.
Despite being recently released in December 2022, the meme coin has secured listings on multiple exchanges.
Here are the exchanges you can purchase it and the corresponding trading pairs
BKEX currently accounts for the largest share of BONK trading volumes at 54.07% against USDD. The exchange has a strong presence in Asia.
According to Coinmarketcap, Huobi global BONK/ USDT provides the highest liquidity score of 377. Higher liquidity scores mean lower slippage on different order sizes.
Other exchanges include Gate.io, Bybit, MEXC, LBANK, CoinEx, Bitrue, Bitmart, Bitforex, DIgifinex, BingX, and Hotbit.
Trading pairs provided include USDT, USDC, and USDD.
According to Coinmarketcap, BONK first traded at $0.0000001078 on December 30, 2022. It then rose steadily and picked momentum in 2023. At press time, the meme coin was trading at $0.000004475, up 145% in 24 hours, with a trading volume of $195,410,859.
The coin is ranked at #2594 by market value with a market capitalization of $250,042,511.
Solana SOL assumed an uptrend in 2023 but has fallen 5% in the last 24 hours to $13.21 with a market capitalization of $4,857,900,311.
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