The Solana network has become a popular destination for a wide variety of projects that require a fast and permissionless layer-1 blockchain. Many have sought to innovate on top of Solana's existing infrastructure in various ways. The network's goal of supporting the emergence of decentralized scalable applications through faster transactions and lower fees saw Solana rise in popularity, along with its native token, SOL.
After weathering volatility brought by the crypto downturn of 2022, developers built the Bonk Inu (BONK) memecoin on the Solana network as a catalyst to help bring fresh liquidity into the network. This guide will explore what Bonk Inu is, its token, and how it compares to other memecoins.
What Is Bonk Inu (BONK)?
Bonk Inu (BONK) is a dog-themed memecoin designed to support the Solana community by boosting liquidity on the platform. The asset also aims to encourage the mutually beneficial involvement of all community members.
Origin
Towards the end of 2022, one of the largest cryptocurrency exchanges at the time, FTX, collapsed. The development team behind Bonk Inu found that Solana was facing issues as an indirect result of the exchange's bankruptcy. In fact, the Solana platform was impacted by bad actors who were mainly interested in profiting from the platform.
As a means of addressing the negative impact of the market downturn that arrived in 2022, Bonk Inu was created and launched on Solana in December 2022. The asset's arrival began with an airdrop of half its token supply.
Many of the tokens found their way into the cryptocurrency wallets of some of the largest creators of non-fungible tokens (NFT). The coin was also airdropped to investors, as well as other influential people in the Solana community who could drive its growth. Although the airdrop had an immediate positive impact on the value of SOL, BONK was designed to have a long-term impact on the entire blockchain.
BONK as a project aimed to restore the Solana community and strengthen its influence by attracting usage from the masses, rather than being controlled by the few.
The BONK airdrop went to the social layer of the network. This included DeFi traders, NFT enthusiasts, and developers. BONK also aimed to encourage those that are not involved in Web3 to join and explore the next iteration of the web. Towards this goal, Bonk Inu has wider plans to support the future of Solana with BonkDAO — a Decentralized Autonomous Organization (DAO) that acts as a governing party led by the community.
Some BONK tokens were also left aside for the future development of the blockchain with the aim of promoting activities and other initiatives.
BONK team and funding
The Bonk Inu (BONK) cryptocurrency was created by Dexlab, but its founders are anonymous. Dexlab is a decentralized exchange (DEX) and a minting lab that provides a launchpad for new projects. The project's initial funding was supported by the Web3 payments API, Helio.
Additionally, Famous Fox Federation played a key role in the launch with its work on the airdrop and raffles. Today, the total token supply of BONK stands at 100 trillion.
How does Bonk Inu work?
Bonk Inu is a Solana cryptocurrency that falls in the memecoin category. The asset is often compared to Dogecoin (DOGE) and Shiba Inu (SHIB) due to its meme theme.
Bonk Inu has one primary objective: to restore and take control of the Solana blockchain community by drawing more users toward the Solana ecosystem. By establishing the token as the primary Solana asset, the developers behind BONK intend for it to be used across all decentralized applications (DApps) built on the Solana ecosystem. To help achieve this, BONK was distributed for free to those who best serve the network.
Alongside rewarding existing Solana community members, BONK aims to welcome new users from the wider crypto community by providing an intuitive starting point for retail users. Above all, BONK's goal is to fully realize the potential of the Solana blockchain.
BONK token
Bonk Inu (BONK), as a token, is described as the first Solana dog cryptocurrency for the people.It aims to provide superior distribution mechanics to its predecessors by distributing coins to community members. These members are the ones that are most likely to use Bonk's true utility.In short, BONK was created and is used to establish a better ecosystem on Solana. It aims to incentivize developers and new users to join the ecosystem. It also aims to have a high market cap.
Tokenomics
The official launch of the BONK cryptocurrency gained a lot of attention. This is due to the fact that half of its token supply was airdropped. Its total supply is at 100 trillion, or 100,000,000,000,000 BONK tokens.At the time of writing, the token's circulating supply is at 54.18 trillion BONK, with a market cap of 42.23 million.
BONK token uses
BONK has numerous use cases. It aims to incentivize development on top of Solana and introduce new people to the Solana network. What's more, anyone unfamiliar with Web3 technology may be more incentivized to use it through BONK. Above all else, BONK is driven by the core intention of building back the Solana ecosystem following its decline.
Distribution
Bonk believes in giving back to the community. At the time of writing, the project's distribution model is as follows:
21% SOL NFT projects
15.8% market participants and DeFi users
10.5% artist and collectors
5.3% Solana devs
2% early contributors
15.8% BONK DAO
5.3% initial liquidity
5.3% marketing
BONK Wallet
The BONK Wallet is an official cryptocurrency wallet developed for the BONK token. During the project's unique airdrops, users could receive BONK just by installing the wallet on their devices.
The BONK wallet is a social wallet that features profiles, a chat function, and the ability to tip. It's a self-custodian wallet where only the user has access to BONK. The Bonk Inu wallet also calculates the lowest fees for transactions. Meanwhile, gifts and airdrops are given to reward the Bonk community.
Bonk Inu NFTs
Bonk Inu NFTs, known as BONKz, was released on the Solana marketplace known as Magic Eden. They were designed to help further BONK's overall usage on the Solana network. The NFTs are art-based with no plans for initial utility.
BonkBot
BONKbot is a Solana-based trading bot for Telegram, designed for quick and effortless trading while you're on the go. Input a token address into Telegram using BONKbot and you can immediately start a purchase. Say goodbye to delays in wallet connections, slippage adjustments, or transaction confirmations.
BONKbot is equipped with Jupiter-driven routing, granting you a fast way to handle, oversee, and carry out your trades, so you can stay in charge.
BONK vs. DOGE vs. SHIB
Dogecoin (DOGE) and Shiba Inu (SHIB) are two cryptocurrencies that saw a huge rise in popularity since launching. Their fame among memecoins was driven by the light heartedness of the coins and their growth potential.
Both cryptocurrencies experienced huge spikes in value once they gained traction among traders. Due to their affordability, they're far more liquid and see high daily usage when compared to expensive tokens.DOGE launched in December 2013 and is a peer-to-peer (P2P) currency based on the Auxiliary Proof of Work (AuxPoW) consensus mechanism. SHIB, meanwhile, is an experiment in decentralized community building. It established its own ecosystem with ShibaSwap and other projects.
BONK is a memecoin just like DOGE and SHIB, and has seen a similarly sharp increase in value. What's more, Bonk has had a positive impact on the SOL price.However, BONK has a primary purpose of supporting the Solana community. It aims to make sure that the ecosystem is under constant development, unlike DOGE and SHIB.
The final word
BONK is truly a project that provides solid changes to the Solana (SOL) ecosystem. After SOL saw a decline following volatility in the crypto market, the introduction of BONK has helped to put the Solana network back on a more stable footing while bringing new users into the community. New developers, NFT collectors, and users are now optimistic about the future of Solana and its mission of supporting the emergence of decentralized scalable applications.
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