- BonkInu is the first Solana Dog coin and the trending meme coin on Twitter crypto.
- The meme coin has secured partnerships with notable Solana builders.
- Solana enthusiasts speculate that BonkInu might be the key to putting the network back in the spotlight.
BonkInu is a new meme token on the Solana blockchain and the first Solana Dog coin. The token has been trending for the past few days on Crypto Twitter, bringing fresh attention to the network following its drastic drop in value due to FTX’s collapse.
According to its official Twitter page, BonkInu is a token created by and for the people. The development team behind the project decided to make something “lighthearted” to break from the toxic tokenomics from FTX’s sister company, Alameda.
BonkInu intends to return liquidity to Solana dexes, alongside OpenBook’s launch, under an initiative called “Openbonk.”
The BONK token is the community’s primary utility to be used on the Solana network through integration with present Solana dApps. It has a market cap of $98 million with over 500 billion coins from its 100 trillion total supply burned, making it the most extensive single token burn operation in the current crypto ecosystem.
50% of the total BONK supply was airdropped to certain Solana NFT holders, DeFi members, art collectors, and Solana developers as part of the initiative to support the “current and future builders of the Solana ecosystem.”
BonkInu (BONK) Tokenomics
While there isn’t much information regarding the crypto token, BONK’s official bonkpaper provides a glimpse at the project’s tokenomics.
BONK supply will be distributed as follows;
- 20% to early contributors on the BonkInu network.
- 20% to 40 Solana NFT collections, spanning over 400,000 individual NFTs, irrespective of their cap size, to achieve fair distribution.
- 15% to BONKDAO for future initiatives voted on by token holders.
- 15% to early OpenBook traders, irrespective of their trade balances.
- 10% for Solana artists and contributors, using a snapshot of activities from the collectors’ team.
- 5% allocated for Solana developers as reward incentives for building programs on the platform.
- 15% shared evenly for marketing promotions, initial liquidity, and team development. Rewards earned through initial liquidity distribution will be sent to BONKDAO.
According to developers, 50 trillion Bonk Inu Tokens (BONK) will be available once the airdrop is over. The bonkpaper also promises future features like self-custody, decentralized finance, NFTs, and voting prospects for BONK holders.
The token has been adopted by other projects on the Solana blockchain, from decentralized exchanges like Orca to NFT markets like Magic Eden. It can be purchased on various businesses, including Gate.io.
It is also in partnership with notable builders in the Solana ecosystem, like Boibook for gaming; Helio as BONK initial funding took, and others for degen BONK flip with Backpack integrating the token into its latest Wallet Beta.
Other interested parties have produced BONK merch, and users can now get the .bonk domain from Onsol Labs, pending ongoing plans for integration with major wallets.
BONK’s performance so Far
As stated, the BONK team has burned over 500 billion tokens over the past week and has introduced a system where users can burn tokens themselves.
The burn operation set the token’s price through the roof, and the crypto value jumped by 3,000% in a few days.
The BONK/SOL trading pair saw a 24-hour volume of around $20 million, with BONK/USDC approximately $9 million and counting. BONK transactions are also upwards of one million since the coin’s inception.
BONK’s hype has done its job well, as Solana’s coin, SOL, witnessed a 12% spike from Tuesday after two weeks of consecutive losses that dragged its price to $8.
Is Solana DeFi Season Back?
For Solana enthusiasts, BonkInu is the project that fuels renewed hope in the blockchain network after it lost $643 million in SOL to liquidators after FTX declared bankruptcy.
Solana blockchain has also lost leading projects over the past few weeks.
The blockchain’s decentralized exchange (DeFi/DEX) protocol Serum officially confirmed its closure last year, notifying the community that the collapse of FTX and Alameda had rendered the program “defunct.”
Phantom, a crypto wallet, has also expanded its support for Ethereum and Polygon. Popular NFT collections, DeGods, and Y00ts recently announced bridging plans to Polygon and Ethereum, citing the need for growth and scalability. Although there are critics of the BonkInu project, as meme coins are considered unstable, its contribution to Solana, within a short period, has been praised by many.