Since the entire Solana community appears to have united behind the new kid on the block, it is still premature to write off the Bonk token.
According to CoinGecko, $BONK’s market capitalization (Market Cap) reached a record high of approximately $205 million on January 5 following its introduction with large airdrops on December 29. On that day, the Bonk team declared they have burned all 5 trillion tokens, or 5% of the total supply, of their allotted memecoin.
Despite the sacrifice, Bonk holders continued to profit, since the memecoin’s market cap has subsequently fallen below $67 million as of the time of our writing.
Despite the instability, it feels more like Bonk’s journey is just getting started than it is nearing its conclusion. Bonk is being used in inventive ways by protocols throughout the troubled Solana ecosystem, including Decentralized Finance (DeFi), GameFi, and Non-Fungible Tokens (NFTs).
For the time being, Solana’s 2023 continues to have a happy ending.
What is BONK?
Bonk, The first Solana dog coin was created by and for the people, with the Solana community receiving 50% of the whole quantity through airdrop. The developers of Bonk intended to create a fun memecoin where everyone has an equal shot because they were sick of the nasty “Alameda” tokenomics.