What Is Bonk (BONK) Meme Coin?

The meme coin space is interesting in that it is not unusual to see several tokens based on a singular concept or meme. Despite this, many meme coins go on to offer use cases, benefits, and even profit to their investors.

The BONK token is one of the dog-themed cryptos in the market that has made a name for itself in a short time.

What Is Bonk Meme Coin?

BONK is a meme coin based on the Solana (SOL) blockchain and was given as a gift to the community. Because it is based on a specific blockchain, it enjoys a great deal of speed and scalability. As per its whitepaper, BONK is aiming to become the community coin of Solana, which is evident in the heavy emphasis BONK is putting on the community. It is commonly referred to as the ‘social layer’ of Solana.

As the name would imply, BONK is based on the popular meme of a dog that is hit (bonked) on the head. The creators of the token, who remain anonymous, created a custom logo for the project as opposed to simply using the original meme. Thanks to its underlying technology, BONK is compatible with a myriad of Solana-related projects and has launched a complex ecosystem.

Still, the creators of the BONK meme coin have a lot of affection for the Solana community. The creators have said that BONK acts as a way to combat ‘predatory VC tokens’ that try to get rich off the community by putting the power back in the hands of its participants. This was evident in the way that the BONK token was launched into the market and continues to this day.

Bonk: History and Milestones

The BONK token was first introduced into the world on Christmas Day 2022 through a massive airdrop. Its anonymous creators wanted to reward the Solana community and airdropped 50% of its total supply without prior announcement. Some of the members who received the BONK token included artists and developers; the amount given at the time was $300 worth of the token each.

It is worth noting that the launch of BONK was not just a gift but also a way to lift the spirits of the community. Late 2022 was not a good time for Solana as it saw the collapse of the popular crypto exchange FTX and Alameda Research. At the time, Alameda had about 10% of the total market cap of Solana so when it went under, Solana’s market price hit rock bottom.

Facing an impending FTX bankruptcy and legal proceedings, some questioned whether or not Solana would even survive into the future. BONK was a Christmas gift but also a way to breathe new life into the ecosystem. It also served as a way to offer the community a project that was not Venture Capital-backed. That way, the collapse of a company like FTX would not impact Solana as much.

During the time that it has been on the market, BONK has achieved the following milestones:

• December 25, 2022: BONK is airdropped to Solana community members.
• January 2023: BONK creators burn 5 trillion tokens to boost their market price.
• December 14, 2023: Coinbase lists BONK.
• December 15, 2023: Binance lists BONK.
• August 18, 2023: Cheems, the dog that inspired BONK, passes away.
• July 6, 2024: BONK hosts a meetup in London.

How Bonk Works

Like most other popular meme coins, BONK relies partially on hype and speculation from its community who trade it in the hopes of making a profit. But this is not to say that BONK does not have any projects within its ecosystem. On the contrary, BONK boasts over 250 integrations but some of the core ones are BONK DAO, BONK Swap, MOONWALK, BONK BOT, and BONK Rewards.

The BONK DAO is the decentralized autonomous organization that holds 15% of the token supply and votes on developments to be made in the ecosystem. Anyone who holds the token may vote and some major decisions such as token burning in 2023 were arrived at via the DAO.

BONK SWAP is an AMM DEX platform launched in April 2023 and is a part of BONK’s DeFi activities.

BONK BOT is a Telegram-based platform that allows BONK users to trade assets using the messaging app.

MOONWALK is a fitness-centered project in which users are rewarded with tokens for reaching daily walking goals.

Finally, BONK Rewards is the project’s staking program that encourages users to lock their tokens in exchange for interest.

BONK Tokenomics and Distribution

BONK has a maximum supply of 100 trillion tokens and 68 trillion tokens as its circulating supply. As per its whitepaper, it is distributed in the following ways: 21% went to the top 40 most active Solana NFT projects, 21% was shared with early contributors, 16% went to market participants and Solana users, 16% went towards the BONK DAO, 10% was distributed among artists and collectors of one-of-one art, 5% went to Solana developers, 5% was aimed for liquidity distribution, and 5% was left for marketing.

Bonk vs Shiba Inu vs Doge

The BONK token is one of many tokens that were inspired by a dog meme. But how does it stack up to other giants in the dog-themed meme coin game? Let us have a look at the features distinguishing BONK from Dogecoin (DOGE) and Shiba Inu (SHIB).

BONK, as we know, is based on the Solana blockchain. Shiba Inu (SHIB), on the other hand, is based on the Ethereum (ETH) blockchain while Dogecoin (DOGE) is based on the native Dogecoin blockchain.

BONK is also more casual when it comes to its tokenomics: parts of its maximum supply have been allocated and while it has burned tokens in the past to keep up its cost, it mostly relies on market forces. Dogecoin operates under an inflationary model, meaning it doesn’t have a maximum supply just yet. Shiba Inu, however, uses a deflationary token model to keep its price consistent.

Of the three, BONK has the most native projects within its ecosystem such as BONK DAO, BONK Swap, MOONWALK, and BONK BOT. While Shiba Inu has its BONE and LEASH tokens for governance and staking, it is not quite as project-focused as BONK. Dogecoin finds itself in a similar boat with few native projects.

The three tokens also differ in terms of their purpose. BONK was mainly created to boost morale within the Solana ecosystem and offer an alternative to VC-backed projects. Shiba Inu was created to pursue a new decentralized standard and Dogecoin mostly functions like a traditional crypto.

Learn more about the ins and outs of these popular meme coins in the dedicated Shiba Inu guide and Dogecoin guide.

Use Cases of Bonk

A lot of the BONK token’s use cases are tied to its native Solana ecosystem. For example, the token can be spent within certain projects or used to tip other users such as content creators. Within gaming projects, BONK can be used to pay for microtransactions such as buying in-game items, leveling up characters, and so on.

BONK can also be used to buy NFT assets on marketplaces that are compatible with Solana and can be spent on DeFi platforms such as BONK SWAP.

Buying Bonk

As it has become more popular, BONK has also become more accessible for purchase. BONK is listed on centralized exchanges like Binance and Coinbase and can be purchased with a credit or debit card, online banking, and so on. BONK is also listed on various decentralized exchanges like BONK SWAP and DEX Trade.

Finally, BONK can be bought through several peer-to-peer platforms.

Is It Worth Investing In Bonk?

Anyone who is considering buying the BONK token should be aware of its various pros and cons.

Among the advantages BONK offers are the following:

• It is based on the Solana blockchain, which gives it access to scalability and speed.
• BONK has several projects in its ecosystem such as BONK Swap and MOONWALK, which help to boost its token value.
• BONK tokens can be staked on BONK SWAP, which may act as a source of passive income for investors.
• BONK has seen widespread popularity and is listed on major exchanges.
• BONK is very community-centered, with users being able to vote on changes to the ecosystem.

Meanwhile, there are also drawbacks to consider:

• BONK’s success is partially based on market hype, which may prove to be fickle over time.
• It has a very high maximum token supply.
• The team behind BONK is unknown, which shrouds the project in mystery.

Bottom Line

BONK has seen a lot of success in a short time by tapping into a community during its time of need and launching a slew of projects. Only time will tell if it will retain the hype and remain a top dog-themed meme coin.