The Solana blockchain is among the most vibrant crypto networks for DeFi and NFT projects. However, Solana is going through some rough times lately due to the general bear market and the collapse of the FTX exchange. Also, many developers left Solana, and various popular SOL NFT collections are migrating to other blockchains. Bonk coin (BONK) is a community-led project on the Solana blockchain. Furthermore, the “doge” Bonk coin on Solana aims to boost the Solana ecosystem by providing users with various utilities. With this new dog-themed coin, the community attempts to reinvigorate Solana and breathe new life into the blockchain. The primary goal of this article is to answer the question, “what is the Bonk coin?”. Additionally, this article will answer essential questions such as “what is the Bonk coin price?” and “where to buy Bonk?”.
Furthermore, we’ll explore the “doge” Bonk coin on Solana and discover the various characteristics and features of the Bonk coin ecosystem. Additionally, we’ll explore the project’s partnerships, and the Bonk coin token allocation details.
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What Are Meme Coins and Dog-Themed Coins?
The most popular meme coins, also known as dog coins, are Dogecoin (DOGE), which has its own blockchain, and Shiba Inu (SHIB) on the Ethereum network. There are also meme coins that don’t have anything to do with dogs, but many of the most prominent meme coins are dog-themed. The Shiba Inu dog is a reference to the original “doge” meme format from 2010, which became popular in 2013 with the launch of DOGE. Meme coins usually start as joke cryptocurrencies or community-driven projects focusing on fun, charitable causes, and easy accessibility. Also, meme coin communities often call these crypto projects “the people’s crypto” because of their dedication to the community.
Essentially, projects like DOGE, SHIB, and Bonk, the newest meme coin, aim to empower the crypto community. Meme coin developers emphasize that they don’t control their projects and that the community is the main driving force behind authentic meme coin cryptocurrencies.
Besides the leading dog-themed meme coins, there are numerous unsuccessful attempts at Shiba Inu-themed cryptocurrencies. Some of these coins are poorly designed projects, while a portion of them are crypto scam coins. Because of this, it’s highly advisable to be careful when investing in new meme coin projects.
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What is the Bonk Coin on Solana?
So what is the Bonk coin project for and why is Bonk coin on Solana? The “doge” Bonk coin is a brand-new meme coin on the Solana blockchain. The project’s initial development began in mid-2022, but the coin launch happened on December 25, 2022. The Bonk coin project is less than a month old, but it’s making crypto news headlines because of its massive gains. Furthermore, the growth of the “doge” Bonk coin is bringing thousands of users back to the Solana blockchain. The Bonk coin price has grown rapidly since its market launch, with significant price gains on most days, according to available data.
The “doge” Bonk coin developers issued a white paper about the project. The white paper isn’t too detailed, but it outlines the vision of the project and its goals. The development team built Bonk coin on Solana to establish a community-driven project. They call Bonk coin a “crypto of the people,” referring to the Solana community. During the last quarter of 2022, the Solana ecosystem underwent a turbulent period tied to the FTX collapse. Essentially, users and developers started abandoning Solana because of its ties to FTX as an early Solana investor. People got worried that Solana might come crashing or turn out to be a scam because of the involvement of FTX’s Sam Bankman Fried in the project’s early days. Finally, the fear and distrust led to a mass exodus of developers, individual users, and even NFT projects from Solana.
However, the “doge” Bonk coin developers set out a goal to revive Solana. Of course, this goal is very ambitious for a meme coin, but the project has already managed to secure numerous partnerships with Solana-based platforms. The Bonk coin aims to become a go-to meme coin on the Solana network through these partnerships.
The “Doge” Bonk Coin Airdrop
One of the most popular methods for launching cryptocurrencies on the market is through an initial coin offering (ICO). An ICO attracts venture capitalists and other investors looking to maximize their gains when the project launches on the market. However, ICOs usually aren’t accessible to everyone. Instead, selected investors, companies, and venture capital firms are the main buyers. The development team that built Bonk coin on Solana are explicitly against such token launch mechanisms. The team believes everyone should have access to the “doge” Bonk coin from the start. Because of this, the coin’s market launch was a massive airdrop of 50% of the coin’s supply on December 25, 2022. Crypto airdrops are common, but it’s rare for a new crypto project to distribute such a huge portion of its total supply through an airdrop.
The developer team states that the massive airdrop shows their dedication to the community. Furthermore, the airdrop went to four key groups within the Solana ecosystem. Solana is famous for its NFT market. Because of this, the teams behind numerous Solana NFT collections with a combined number of 297,000 NFTs received 20% of the coins. The following 15% went to early traders on the Solana-based OpenBook decentralized exchange. Solana NFT creators and dedicated collectors received 10% of the coins. Finally, Solana developers received 5% of the coin supply as an incentive to stay active in the Solana ecosystem.
What is the Bonk Coin Allocation for the Rest of the Supply?
Now let’s answer the question, “what is the Bonk coin allocation for the rest of the supply?”. The remaining 50% of the coins go to five key categories. The early contributors of the Bonk coin project get 20% of the total supply, with a vesting period of three years. Also, the vesting is subject to a linear token release process that starts in January 2023. The vesting ensures that the early contributors won’t just dump their coins on the market and sell them on an exchange. The early contributors are individuals that are part of the marketing, design, and other project development phases.
The team allocated 5% of the total supply for future development incentives. Core developers will receive monthly incentives based on their contribution to the project. However, the developers won’t receive their coins immediately. Instead, when a developer gets a token allocation at the end of the month, their coins enter a three-year vesting period. Also, the team came up with the idea of launching Bonk DAO to enable the community to participate in direct governance of the ecosystem. The DAO will receive 15% of the total coin supply. The DAO members will decide how the community will spend the tokens in the treasury. Initially, the idea is to focus on partnerships and community-driven projects.
Furthermore, 5% of the Bonk coin supply goes toward initial liquidity across various Solana-based DeFi platforms. Some platforms that received coins as part of the initial liquidity allocation are Solend, Raydium, and Orca.
Finally, the last 5% of the coins goes towards marketing.
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Partnership With Streamflow Finance
Facilitating a massive token airdrop and market launch with trillions of coins can be challenging. Because of this, the project partnered with Streamflow Finance, a Solana-based token distribution platform. Furthermore, Streamflow specializes in airdrops, token vesting, and crypto payroll automation. Besides Solana, Streamflow recently launched operations on the Aptos mainnet. The Bonk partnership with Streamflow is crucial because it shows that a third-party service handles the token vesting procedure. Essentially, this means that the early contributor and developer token vesting really exists, and the developers can’t just run off with the tokens.
Why Build Bonk Coin on Solana?
So, why build Bonk coin on Solana? The Bonk coin ecosystem depends heavily on expanding its user base. In the days after the coin’s launch, 20,000 new wallets joined the Solana ecosystem. Essentially, the project needs to constantly search for new partnerships to boost the growth of the underlying Solana blockchain. Despite being such a young project, Bonk already has numerous Solana partnerships. For example, the Solana-based Backpack wallet supports BONK. The Boibook betting and gaming platform also accepts BONK. Users can stake Bonk coins on Dual Finance or create chat stickers on Dialect. Also, if you’re wondering where to buy Bonk, some of Bonk’s official partner markets are Famous Fox Federation and Jupiter Exchange. Furthermore, users can pay people through Heliopay or buy a .bonk domain on Onsol. Additionally, various Solana DeFi platforms accept BONK, such as Orca, Raydium, and Solape.
The Market Performance of the “Doge” Bonk Coin
So what is the Bonk coin market performance like so far? Since its launch on December 25, 2022, it has outperformed the most popular cryptocurrencies. Basically, the coin has been on a constant upwards path in terms of price action. While most of the crypto market is in the red or witnessing minor gains, Bonk is exponentially growing. The coin’s price has increased by over 2,000% since its launch. Also, the project has a market capitalization of over 200 million USD, along with more than 85,000 unique wallet addresses. However, as with all meme coins, users should be extremely careful. The upwards price trend likely won’t last forever, and it’s impossible to predict what will happen with the coin, just as it is with other cryptocurrencies.
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What is the Bonk Coin Price and Where to Buy Bonk?
The critical questions for investors looking to purchase Bonk coins are “where to buy Bonk?” and “what is the Bonk coin price?”. One of the most reliable ways to monitor the Bonk coin price and find out where to buy Bonk is through a website like CoinMarketCap or CoinGecko. These two platforms pull information about the coin’s price from all the markets where it’s available in real-time. As for the question “where to buy Bonk?” there are 17 crypto exchange platforms that support the coin. Some platforms where you can buy the coin include Huobi Global, Raydium, Gate.io, Bitget, and others. The number of platforms where users can buy Bonk is relatively high, considering it’s a new project.
The Impact of Token Burning on the Bonk Coin Price
The project uses a token-burning mechanism to help boost its market performance. So, what is the Bonk coin burning mechanism, and why is it important? Essentially, token burning is a process where users send their coins to a burning address that destroys those tokens. Since the burnt tokens don’t exist anymore, Bonk becomes more scarce with each token burn. The project is burning several billions of coins, which is contributing to the rapid price increase.
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The Impact of the Bonk Coin Price on Solana
Demand for the coin has been on an upwards path since launching. Also, the burning process is impacting the price of Bonk. Since the number of the token’s users is increasing and the price of the coin is rising, this has a cumulative positive effect on the price of SOL. However, some crypto experts and analysts estimate this is just a short-term boost for Solana’s native token.
What is Bonk (BONK) – Explore the New Dog-Themed Solana Coin – Summary
The Bonk coin project is one of the newest additions to the long list of dog-themed meme coins. However, unlike many other meme coins, this project boasts various utilities and partnerships across the Solana ecosystem. Because of the project’s partnerships, users can get multiple benefits on different platforms with the coins. In conclusion, the project has been riding an upwards price trend since launching, but the test of time is really going to show whether the latest Solana meme coin has true development potential.