Bonk Cryptocurrency: Solana Dog-Themed Memecoin
by Tom Nyarunda
Dubbed the "dog coin for the people by the people", a new coin recently joined the growing line of dog-themed meme coins, which have become a sensation in the cryptocurrency space. The first one in the Solana (SOL) blockchain, Bonk Inu ($BONK), rallied over 3,600% during the first week after its launch. This article explores the Bonk Inu token, how it compares with other Memecoins, and whether it’s a good investment.
What is Bonk cryptocurrency?
The year 2022 shook the cryptocurrency market to its core, thanks to the highly volatile conditions that led to the collapse of leading market players like cryptocurrency exchanges FTX and others. The Solana network (SOL), a popular destination for innovative crypto projects focused on fun and engagement, wasn’t spared either, enduring severe body blows from vulturine practices of VC token holders mainly interested in profiting from the platform. It’s amid that depth and darkness that the launch of Bonk cryptocurrency brought a sigh of relief to the Solana blockchain.
Launched on 25 December, 2022, with an airdrop of 50% of its entire token supply, Bonk is a dog-themed meme coin, a Solana-based replica of Dogecoin (DOGE), Akita Inu, or Shiba Inu (SHIB). Bonk Inu is essentially a meme coin designed to support its community while also focusing on advancing the platform’s liquidity. In explaining its vision, the token’s whitepaper says it aims to overturn the adverse effects of the platform’s being a victim of exploitative venture capitalists and allow community members to restore the power and control of the network to themselves while having fun with BONK tokens.
Bonk Inu features and how it works
The BONK primary utility is a community token meant to empower Solana’s ecosystem, including integrations with the decentralized applications (DApps) built on the blockchain. Besides rewarding the current Solana community members, the token aims to welcome new members by providing a user-friendly entry point for retail users to decentralized finance (DeFi), self-custody, and NFTs.
While Bonk cryptocurrency falls in the category of meme coins such as Dogecoin, Shiba Inu, and others, it differs slightly from the rest as it’s explicitly designed to support its native blockchain while promoting its future development. The token’s primary utility is to try and push users’ interest toward the Solana ecosystem. Experts believe the enhanced circulation made possible by the initial airdrop could aid the Solana community to realize its potential.
The official launch of Bonk cryptocurrency, coming just days before New Year’s Eve, gained significant attention since it airdropped half of its total supply of 100 trillion BONK tokens targeting artists, collectors, and developers. The distribution involved 20% of tokens going to investors of 40 leading NFT collections, 15% to those placing trades on OpenBook, and 10% to NFT artists and collectors, with 5% going to developers.
Where people use Bonk Coin ($BONK)
Bonk cryptocurrency has two primary purposes, namely payments and price speculation. While the price has remained volatile since the initial airdrop – which is not strange regarding a new and small altcoin – a sizeable number of investors are buying and selling $BONK in the hope of making a profit.
As a form of payment, $BONK aims to get fully integrated into Solana blockchain’s existing projects. A few businesses are already accepting BONK payments. Examples include Duel Casino, where users can bet on different casino games, or Aurory, which allows gamers playing against each other to receive their winnings in $BONK. While it doesn’t yet support additional use cases, the token already creates its niche among canine-themed memes.
## How to buy Bonk Coin (BONK)
To get started on the different platforms where you can buy $BONK, you need to create an account via email and use your basic personal details for verification. After that, you can connect your new account with your bank to buy Ether (ETH) or Tether (USDT), which you will need to swap for Bonk cryptocurrency tokens. The coin is already available on several decentralized exchanges.
Is Bonk Coin ($BONK) a good investment?
Like all other digital assets, especially popular meme coins, investing in $BONK will depend on numerous factors. Still, it all boils down to a certain degree of speculation considering the developments in the crypto market. If you're going to invest in Bonk cryptocurrency, assess your risk tolerance and conduct your research. Should the project follow in the footsteps of Dogecoin and receive the support of the community, or the team increases the coin's utilities to promote its growth, the token has the potential to be a good investment.
Tom is a freelance writer with over 15-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. He is a philosophical figurehead who believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.