This news was met with excitement from Bonk enthusiasts, as it was seen as a major step toward mainstream adoption of the meme coin. Bonk Swap provides the central trading hub, Bonk BOT makes it easier to access and use BONK, and Bonk Rewards incentivizes users to support the ecosystem’s growth. If you would like to know securities commission malaysia revises crypto guidelines where to buy Bonk at the current rate, the top cryptocurrency exchanges for trading in Bonk stock are currently Binance, DOEX, Bybit, LBank, and OKX.
While some dismiss meme coins as superficial hype machines, we at CMC celebrate the way they drive awareness, adoption, and access for retail investors. And BONK has shown tremendous success in rallying a dedicated community behind its lighthearted ambition to be the #1 community coin in Web3. BONK is a Solana-based dog meme coin with over 110 DeFi, gaming, developer, and exchange integrations, transforming from a quirky airdrop to select Solana holders into a viral memecoin spiking over 25,000% in a single year. Billed as the “social layer and community meme coin” of Solana, BONK is a Solana-based cryptocurrency with an ecosystem encompassing DEXs, dapps, NFTs, and—of course—a dog mascot. Multiple memecoins have launched with a similar mysterious background, including one of Ethereum’s main dog-themed memecoins, Shiba Inu (SHIB). Both draw inspiration from a common ancestor, Dogecoin (DOGE), and are intended for use entirely by a community, without centralized entities controlling large portions of the supply.
Bonk Rewards is a program that incentivizes users to lock their BONK tokens. By locking BONK, users can earn rewards from various Bonk ecosystem products like BonkBot, SVB (Solana Validator Business), and BonkSwap. This creates a feedback loop, where the success of these products directly translates to increased rewards for users who support the ecosystem by locking their tokens.
Billed as the “social layer” of Solana, dog-themed meme coin BONK has surged to a market cap of over $1.5 billion.
- According to KnowYourMeme, the ‘bonk’ meme originates from a 2019 Instagram post which features a “humorously malformed” Shiba Inu being struck by a hand holding a hammer, with a ‘bonk’ clip art and sound.
- DOGE launched at the end of 2013; its code was copied from a new-defunct coin called Luckycoin, which was a fork of Litecoin (LTC), which was itself a fork of Bitcoin (BTC).
- However, the market for memecoins is highly speculative and volatile, with prices often driven by “clout” rather than an underlying technology or utility.
- 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.
- When the token was launched on Solana in 2023, no one expected it to reach a market capitalization of $100 million, let alone $2 billion.
BONK’s name references a series of comic memes, in which dogs—mostly the meme-friendly Shiba Inu breed—were hit on the head with hammers with a ‘bonk’ sound effect (obviously, no dogs were harmed in the making of the meme). There are many other BONK-inspired Solana integrations spanning DeFi, gaming, and social, but we don’t have enough ink to go through all of them one-by-one. If you’d like to fund, or send funds to, your Phantom wallet, you can do so via the “Buy” button on your asset tab. We offer various funding options, such as MoonPay, PayPal, and Robinhood to make it easy for you to fund your wallet.
People Also Ask: Other Questions About Bonk (BONK)
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. This campaign was a success, attracting over 500,000 new users to the Bonk ecosystem. BONK was airdropped randomly to Solana NFT collectors, developers, and artists, other airdrop details remain unknown. Currently, the project has a small digital footprint on the Internet, except for an active twitter account.
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The main goal of the team is to bring back liquidity to Solana-based decentralized exchanges (DEXs). Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you what is a front end developer skills to become a front end web developer software development clicking on certain links posted on our site.
Many traders expect alt-seasons to commence in the coming months, which could mean even more capital flooding into the meme coin market, so this is a great time to better understand Bonk. Continue reading to become a BONK expert and get answers to some of the most pertinent questions surrounding the project. 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. The DAO has voted on proposals including the creation of a voting tutorial video, funding a marketing campaign, and burning treasury tokens.
Revolut Listing Bonk: A Catalyst for Meme Coin’s Price Surge
Similarly to SHIB, the community that embraced BONK quickly brought utility to its memecoin. In the years since its launch, BONK has been incorporated into NFT marketplaces, DeFi protocols, crypto games, and even social media platforms. In December 2022, the price of SOL, Solana’s native cryptocurrency hit its lowest valuation in nearly two years. This came in the aftermath of the collapse of FTX and Alameda Research, as Sam Bankman-Fried’s (SBF) empire rapidly crumbled. Among all major blockchains, Solana relied perhaps the most heavily on the backing of SBF’s ventures, and SOL’s crash reflected the community’s concern about the network’s sustainability without some of its main financial support.
Solana’s NFT collectors, developers, and artists were the main recipients of the random BONK airdrops, though further airdrop specifics are hitherto undisclosed. Presently, the project maintains a minimal digital presence except for its active X (formerly Twitter) profile. Given the increasing popularity of Bonk coin, more exchanges may be adding the coin to their list of tradable cryptocurrencies.
The coin’s ultra-low price — miniscule fractions of a cent — means that even pocket change can buy you tens of thousands of coins. In the weeks following the announcement, the price of Bonk more than doubled. This price surge was likely due to a combination of factors, including increased demand from new users, speculation about the future of the meme coin, and the overall positive sentiment surrounding the Bonk ecosystem.
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. There is not much information available about BONK’s development or the people behind its creation. These risks are substantial, and traders in cryptocurrency must be prepared to lose their entire investment. Bonk is governed by a decentralized autonomous organization (DAO) known as the BONK DAO, which manages and votes on how the cryptocurrency will be run.
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 white label partnership use our tools other blockchains. Bonk follows the tried-and-tested formula of launching a hyped meme coin on the back of a strong community pledge. CoinMarketCap Academy takes a deep dive into Bonk, which claims to be the first Solana dog memecoin “for the people by the people.”
