After the all-time cryptocurrency price highs in 2021, suffering through the Luna implosion of 2022 and watching countless crypto businesses go belly up, we’ve got a new entrant to the meme coin scene that launched on the Solana network. The crypto asset bonk inu (BONK) has a circulating token supply of around 41.5 trillion and it has managed to gather a market capitalization of around $63 million.

BONK Sees Market Cap Soar to $204 Million Before Plummeting to $63 Million in 24 Hours

The cryptocurrency community has been discussing a new meme token called bonk inu (BONK), a dogecoin (DOGE) and shiba inu (SHIB) wannabe that is now the sixth-largest meme coin asset today. According to the BONK development team and its “one pager,” Bonk is “the first Solana dog coin for the people, by the people with 50% of the total supply airdropped to the Solana community.”

The airdrop boosted the price of solana (SOL) in recent times after the project has been dealing with negativity stemming from its former relationships with Sam Bankman-Fried, Alameda Research, and FTX. “The Bonk contributors were tired of toxic ‘Alameda’ tokenomics and wanted to make a fun memecoin where everyone gets a fair shot,” Bonk’s one pager further explains.

The 50% of BONK distribution was split into fractions and 20% went to Solana-based non-fungible token (NFT) collectors. 15% was distributed to early openbook traders, 10% to Solana artists and collectors, and 5% to Solana developers. BONK started to see real-world value on Dec. 29, 2022, when it was trading for $0.000000086142 per token. By Jan. 5, 2023, it jumped to an all-time high (ATH) at $0.00000487 per BONK. But 24 hours later, on Jan. 6, BONK was down 67.9% since the token’s ATH.

The crypto asset’s market capitalization reached more than $204 million down to the Jan. 6 market valuation of around $63 million. While BONK has a circulating supply today of around 41.5 trillion, it once was around 56.02 trillion according to an archive.org snapshot. According to the BONK team, much like shiba inu (SHIB), BONK tokens are burned to create scarcity.

On Jan. 5, the BONK team said 5 trillion of the meme tokens were destroyed. Furthermore, there are 110,017 BONK holders and coincarp.com data indicates that the top ten holders control 36.81% of the supply. 20 BONK holders command 46.31% of the supply and 58.32% of BONK is held by 100 of the richest bonk inu addresses.

What do you think about the Solana meme coin called BONK? Let us know your thoughts about this subject in the comments section below.

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Filed under: Bitcoin - @ January 6, 2023 5:30 pm