This feature allowed BONK token holders to earn a yield on BONK without having to deposit a second asset that BONK would trade against. If you’d like a friendly multichain wallet for crypto, NFTs, and DeFi, try us out. We offer browser extensions for Firefox, Chrome, Brave, and Edge, as well as apps for iOS and Android. Still, as much as we can esteem BONK’s favorable features and effects, we’re reminded of the harsh reality that BONK may very well bust as soon as it boomed like thousands of tokens before it. Folks urgently looking up “BONK crypto” or “BONK price prediction” may be pleasantly intrigued that there is more to the project than meets the eye. Earning BONK rewards in various games feels real but isn’t high-value enough to force the project into an inflationary spiral– a challenge many GameFi projects find themselves succumbing to.
Why Is BONK So Popular? More Than Just Memes
The trader thinks that BONK will continue to outperform the crypto market in general due to its strong price action this year. Furthermore, 5% of the Bonk coin supply goes toward initial liquidity across various Solana-based DeFi platforms. Some platforms that received coins as part of the initial liquidity allocation are Solend, Raydium, and Orca. In addition to the 100 trillion cap, Bonk employs a burning mechanism to reduce the amount of tokens in circulation. Each time a transaction takes place, a percentage of the BONK tokens involved is destroyed.
What’s Driving The BONK Coin price?
The coin now ranks among the 100 largest cryptocurrencies by total value, according to CoinMarketCap. The team allocated 5% of the total supply for future development incentives. Core developers will receive monthly incentives based on their contribution to the project. Instead, when a developer gets a token allocation at the end of the month, their coins enter a three-year vesting period. Also, the team came up with the idea of launching Bonk DAO to enable the community to participate in direct governance of the ecosystem.
How to bridge tokens to Solana with Phantom?
Blockchain technology powers almost every cryptocurrency project, and Bitcoin is the first cryptocurrency in the world. Learn the critical aspects of blockchain and Bitcoin at Moralis Academy. If you’d like to trade BONK but this is your first time using Solana—don't worry, we’ve got you covered. With our Cross-Chain Swapper you can swap to BONK across Solana, Ethereum, and Polygon right from your Phantom wallet. BONK is primarily a Solana-based SPL (Solana Primary Library) token, meaning it can be used seamlessly across the Solana ecosystem. However, through third-party cross-chain messaging protocols (e.g., Wormhole), users can bridge their BONK to other blockchains.
Bonk Airdrop and Features
Essentially, projects like DOGE, SHIB, and Bonk, the newest meme coin, aim to empower the crypto community. Meme coin developers emphasize that they don’t control their projects and that the community is the main driving force behind authentic meme coin cryptocurrencies. This new meme coin has been making crypto news headlines recently due to its rapid price increase and growing user base. Unlike many meme coins, the BONK token uses its own proprietary logo instead of the original meme. That's helped it to avoid the legal battles over copyright that have affected some projects, like BONK's Solana meme coin stablemate Shark Cat.
Bonk Token Unlocks
Additionally, this article will answer essential questions such as “what is the Bonk coin price? BONK was launched with a massive airdrop on December 25, 2022, as a Christmas gift to the Solana community. 50% of the total supply of 100 trillion coins was distributed to Solana users who contributed to the development and growth of the network in some way. This included artists, creators, developers, NFT collectors, and active community members.
The recent burn vote is good example of the Bonk community working together to increase BONK’s value. In 2023, BONK rose over 25,000% to become one of the largest meme coins by market capitalisation. In addition to a successful marketing campaign on TikTok, Bonk gained further notoriety when its 2023 success helped another Solana project, the Saga Phone, sell out.
It aims to “provide superior distribution mechanics” compared to other meme coins thanks to its airdrop distribution tactic. The BONK ecosystem is far from just a meme coin phenomenon and this partly explains why it’s so popular with crypto traders. The BONK ecosystem has grown a lot in the past few months thanks to devs and the community. Bonk coin is one of the newest of some 20,000 cryptocurrencies https://cryptolisting.org/ in existence, and like almost all coins, its price is not backed by anything more than the sentiment of traders who want to buy and sell it. This setup makes Bonk coin — and most cryptocurrency — a risky investment proposition. Burning is a popular way to help induce deflation in cryptocurrency, and it helps maintain traders’ confidence that the market will not be oversaturated with coins.
A massive portion of its initial supply was distributed for free to the Solana community, helping generate support and enthusiasm for the project. Since the number of the token’s users is increasing and the price of the coin is rising, this has a cumulative positive effect on the price of SOL. However, some crypto experts and analysts estimate this is just a short-term boost for Solana’s native token. Also in April, the Bonk DAO approved a historic proposal to burn over 278 billion BONK tokens, representing almost 5% of the total supply. This move was aimed at creating scarcity and potentially increasing the token’s value.
- The BONKDAO decentralized autonomous organization has been assigned 15.8% of the total supply of BONK, in a bid to empower the community to choose where the BONK ecosystem goes next.
- In addition to listing Bonk, Revolut also ran a campaign to distribute $1.2 million of Bonk tokens to users who learned about the cryptocurrency.
- The Bonk DAO is responsible for making decisions regarding the future development and governance of BONK.
- Also, the team came up with the idea of launching Bonk DAO to enable the community to participate in direct governance of the ecosystem.
- Learn the basics of crypto with the Crypto for Beginners course at Moralis Academy.
- The Bonk coin aims to become a go-to meme coin on the Solana network through these partnerships.
When assessing a digital asset, it’s essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility. At that time users, transaction fees, and the number of BONK transactions surged. Factors in BONK’s price momentum this year have included a listing on the Revolut app in April, making it accessible to a broader audience in the European Union, the UK and other eligible countries. The addition book value of equity per share bvps of Revolut means BONK now has impressive exchange and app availability and is tradable on Coinbase, Kraken, ByBit, Crypto.com, OKX and around 25 other dexes and exchanges. One of the earliest and most influential memecoins is Dogecoin, which laid the foundation for the concept of using memes as a basis for creating digital currencies. In this article, we’ll give you a quick overview of BONK’s origin story and how you can buy, sell, and trade the memecoin.
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Finally, Solana developers received 5% of the coin supply as an incentive to stay active in the Solana ecosystem. The Solana blockchain is among the most vibrant crypto networks for DeFi and NFT projects. However, Solana is going through some rough times lately due to the general bear market and the collapse of the FTX exchange.
You may obtain access to such products and services on the Crypto.com App. BONK DAO is a decentralised autonomous organisation (DAO) that governs the Bonk project, including initiatives, grants, and activities, helping to ensure the democratic nature of the token. BONK’s price momentum began surging in October 2023, after the introduction of single-sided staking BONK pools.
Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional. In line with the team's strategy, 50% of the total supply was airdropped to Solana users (artists, creators, and active community members). Meme coin market capitalization is down 6% on Thursday as the top three cryptocurrencies, Bitcoin, Ethereum, and XRP, are hit by a correction. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price.
It serves as a a secure mode of payment and settlement between participants who interact within the Bonk ecosystem. The live price of BONK is available and updated in real-time on Binance. The success of the original memecoin, DOGE, spawned a whole host of other memecoins, quickly making meme projects a category in their own right.