Recently, the new meme coin BONK on Solana added a touch of "happy" sentiment to the continued decline in the crypto market. Since its Christmas launch, the BONK token has seen unabated momentum. According to Coingecko data, the BONK token has risen by more than 10 times (the highest price is 0.000000959085 USDT , and the current price is 0.000000892869 USDT).
In this article, the Odaily Planet Daily will take you to find out what exactly does this BONK that was born out of nowhere do? How did DeGods and y00ts founders reverse their attitudes?
The profound meaning of meme: win the community, win the world
Judging from the official Twitter, BONK has already started planning on December 9, 2022. Compared with other projects, BONK's official website is too simple, with only simple project information and partner introductions. The beginning of BONK's real attention should be the AirDrop of BONK tokens to partners.
According to the official website of BONK, the total supply of BONK is 100 trillion, and 50% of the AirDrop share will be given to the Solana community, of which:
20% to Solana NFT projects (40 in total), including 297,000 individual NFTs;
15% to early Opnebook traders;
10% to Solana artists and collectors;
5% goes to Solana developers .
The remaining 50% will be allocated to:
5% team developers;
5% Marketing;
5% initial liquidity allocation;
15% BONKDAO;
20% for early contributors.
Currently, BONK announced partners include DegenApeAcademy, MonkDAO, BOOGLE, Communi 3, DeGods, y00ts , etc. Since DeGods and y00ts are about to move out of the Solana ecosystem, whether they should be given AirDrop to their holders has become a topic of heated discussion in the community.
Interestingly, shortly after BONK announced the AirDrop method, DeGods and y00ts founder Frank were not optimistic about the project. But after seeing that BONK mobilized the enthusiasm of the community and became a hot project, Frank stood up and apologized, saying that BONK is too good to be true and looks like a great community. He also apologized for his previous negative remarks about BONK.
Indeed, after being affected by the FTX incident, Solana experienced a severe liquidity crunch, and its ecological projects also fled. After a period of silence, the emergence of BONK was accompanied by a surge in the price of SOL tokens from $8.3 to $11.91, with a maximum increase of 43%.
Additionally, Austin Federa, Head of Strategy and Communications at the Solana Foundation, also expressed his support for BONK in a recent tweet.
In the past 14 days, BONK has accumulated about 540,000 transactions, with a total transaction fee of over $1.6 billion, and a maximum of 34,441 wallets holding addresses.
Arouse the enthusiasm of Solana supporters with meme
According to the official website, BONK is the first Solana version of Dogecoin for the public. The purpose of BONK is to oppose the "Alameda" token economics , such as the deceptive tokens FTT, SRM, OXY, MAPS launched by Alameda on Solana etc., all of these have the characteristics of low circulation and high FDV , which makes it easier for them to manipulate prices, which not only disrupts the market, but also causes heavy losses for most investors . And BONK hopes to make an interesting meme currency, so that everyone can get a fair chance, and investors will not be subject to similar price manipulation again.
In this sense, community member 0x bustos also made a BONK meme game . The game screen is a Shiba Inu holding a baseball bat and hitting SBF on the head. You need to spend BONK tokens to start the game. Some community members even matched it with the slogan " Felt angry, bonked Sam again, felt great. "
In addition to the construction of community members, BONK officials also issued an article stating that there will be more ways to play, such as pledges, sweepstakes, trading competitions, launching .Bonk domain names, etc. BONK also cooperates with DeFi and payment projects on Solana, such as open source Wallet Backpack, automatic market maker Orca , etc. Magic Eden, an NFT market, also issued an article suggesting that BONK will be added as a new payment currency. In addition, BONK is also very concerned about the current problems of Solana, and believes that it lacks a central development registry, NFT issues that identify pledges, and deployment delays in DeFi, etc.
To sum up, I feel that BONK's meme culture and anti-FTX narrative can resonate with some people. First of all, it can be seen from the economic model of BONK that it is a community built with Solana NFT holders as the core, and the community has a certain cultural gene. So far, users who still hold Solana NFT are mostly enthusiastic. BONK’s AirDrop has indeed given these people hope and mobilized their enthusiasm to spread the Solana project culture through social media, and at the same time, it can widely absorb new members . Secondly, BONK, which was born just over 10 days ago, was able to find such a special foothold under the background of the bear market, and quickly attracted a certain amount of attention and trading volume, which can be regarded as giving everyone a little hope at the beginning of 2023.
However, Odaily Planet Daily is also here to remind everyone that the transaction volume of meme projects is difficult to maintain a stable growth for a long time, and often becomes popular quickly according to events, market sentiment, marketing strategies, etc., and the popularity quickly passes away. Whether BONK is "long-lasting" or not depends on the project party's continuous "doing" and market testing.
