Crypto Traders Go BONK-ers For Solana's First Memecoin, Token Up 80% Today
What is Bonk Inu?
According to the project’s one-pager, BONK was issued as the first Dog-centered meme token on Solana’s blockchain. The protocol claims to be “for the people, by the people” and aimed at building “a fun meme coin where everyone gets a fair shot”. Also, the team supposedly grew tired of “toxic Alameda tokenomics”.
Notably, Sam Bankman-Fried’s Alamadea Research and FTX were significant contributors to Solana’s ecosystem before SBF’s empire crumbled in November 2022.
Upon launch, 50% of the coin’s 100 trillion total supply was airdropped to Solana users. The allocated airdrop supply was distributed among Solana NFT collections, early OpenBook traders, Solana developers, and artists in the SOL’s ecosystem. The project also added a burn mechanism to stem inflation and manage token supply.
Orca Liquidity Providers Go BONK-ers
Apart from massive returns for holders, the team announced rewards for liquidity providers on Solana-native crypto exchange Orca. Orca users can earn over 1000% in yield APIs on SOL, USDC, and USDH pairs with BONK.
The token is also available for trading on platforms like ByBit, Huobi, Gate IO, and Raydium to name a few.
Meme Coin Mania
Bonk Inu joined the fray alongside other popular meme coins like Dogecoin and Shiba Inu amid lethargic cryptocurrency prices. The new token spots a Shiba Inu dog as well, much like its meme coin rivals DOGE and SHIB.
At press time, Solana’s first meme coin boasted trading volumes of over $100 million in the last 24 hours. In terms of market cap, BONK is still a far cry away from DOGE and SHIB with market caps of over $9 billion and $4.5 million respectively.
Disclaimer: This article is for reporting purposes and should not be taken as financial advice.
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