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After cryptocurrency price all-time highs in 2021, suffering the Luna implosion of 2022, and watching countless crypto companies crumble, we have a new entrant to the meme coin scene that has been launched on the Solana network. The crypto asset bonk inu (BONK) has a circulating token supply of around 41.5 trillion and it has managed to gather a market capitalization of around $63 million.
BONK sees market cap soar to $204m before dropping to $63m in 24 hours
The cryptocurrency community discussed a new meme token called bonk inu (BONK), dogecoin (DOGE) and shiba inu (SHIB) wannabe which is now the sixth largest meme coin asset today. According to the BONK development team and its “one pager”, Bonk is “the first Solana dog coin for the people, by the people with 50% of the total supply dropped to the Solana community”.
The airdrop has driven the price of solana (SOL) up lately after the project faced negativity stemming from its former relationships with Sam Bankman-Fried, Alameda Research and FTX. “Bonk’s contributors were fed up with toxic ‘Alameda’ tokenomics and wanted to create a fun memecoin where everyone gets a fair shot,” Bonk’s pager further explains.
The 50% of the BONK distribution was split into fractions and 20% went to non-fungible token (NFT) collectors based in Solana. 15% was distributed to early open book merchants, 10% to Solana artists and collectors, and 5% to Solana developers. BONK started to see real value on December 29, 2022, when it was trading at $0.000000086142 per token. On January 5, 2023, it reached an all-time high (ATH) at $0.00000487 by BONK. But 24 hours later, on January 6, BONK was down 67.9% from the token’s ATH.
The market capitalization of the crypto asset has reached over $204 million until the January 6 market valuation of around $63 million. While BONK today has a circulating supply of around 41.5 trillion, it once was around 56.02 trillion according to a snapshot from archive.org. According to the BONK team, just like the shiba inu (SHIB), BONK tokens are burned to create a shortage.
Coincarp.com data recorded on January 6, 2023.
On January 5, the BONK team reported that 5 trillion meme tokens had been destroyed. Additionally, there are 110,017 BONK holders and data from coincarp.com indicates that the top ten holders control 36.81% of the supply. 20 BONK holders control 46.31% of the supply and 58.32% of BONK is held by 100 of the wealthiest bonk inu addresses.
Tags in this story Airdrop, Archive.org, Artists, ATH, Bonk, Bonk Inu, Bonk Inu Meme Coin, circulating supply, Coincarp.com, Cryptocurrency, Developers, Doge, holder concentration, Holders, Market Cap, Market valuation, massive holder, meme, nft, Openbook, Price fluctuations, real world value, richest addresses, Rarity, shib, shiba inu, Solana, Supply, Token, tokenomics, top holders, wild price
What do you think of Solana’s meme piece called BONK? Let us know your thoughts on this in the comments section below.
Jamie Redman
Image credits: Shutterstock, Pixabay, Wiki Commons
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